Kanoria Chemicals shines on completing expansion of Formaldehyde production capacity in Gujarat
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Kanoria Chemicals & Industries is currently trading at Rs. 130.55, up by 6.95 points or 5.62% from its previous closing of Rs. 123.60 on the BSE.
The scrip opened at Rs. 130.10 and has touched a high and low of Rs. 134.00 and Rs. 128.90 respectively. So far 14945 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 156.30 on 15-Jan-2024 and a 52 week low of Rs. 101.40 on 04-Jun-2024.
Last one week high and low of the scrip stood at Rs. 134.60 and Rs. 123.35 respectively. The current market cap of the company is Rs. 572.60 crore.
The promoters holding in the company stood at 74.40%, while Institutions and Non-Institutions held 0.27% and 25.33% respectively.
Kanoria Chemicals & Industries has successfully completed the expansion of its Formaldehyde production capacity at Ankleshwar, Gujarat. The commercial production of the additional capacity of 345 Metric Tons per day (MTPD), will start on September 6, 2024. This new capacity will enable the company to cater to the increasing demand across various sectors, including automotive, building & construction, agriculture, cosmetics, and chemicals, both domestically and in export markets.
Further, the company has also successfully added an additional production capacity of 18 MTPD to its existing Hexamine plant located at Ankleshwar, Gujarat. This expanded capacity at Ankleshwar will cater to the increasing demand across various sectors such as Phenolic Resins, Textiles, Agrochemicals, Explosives, Pharmaceuticals, etc., both in the domestic market and for exports. This expansion has been completed at an approximate cost of Rs 1,270 lakh and commercial production will start on September 06, 2024.
Kanoria Chemicals & Industries (KCI) is a leading manufacturer of chemical intermediates in India. Apart from chemicals, it has diversified business interests including automotive and industrial electronics, renewable energy and textiles.
