The shares of India’s leading manufacturer of Soda Ash gained around 5 percent to Rs 98.89 after the company successfully commenced production of the World’s first Green Soda Ash plant.
On Monday, Tuticorin Alkali Chemicals and Fertilisers Ltd shares were trading at Rs 97.50, up 3.37 percent, on the Bombay Stock Exchange. The company has a market capitalization of Rs 1,190 crore.
According to the company’s filing. The company successfully commenced operations of the World’s First Green Soda Ash at its plant in Thoothukudi, Tamil Nadu. (It is the first company in the world to manufacture carbon-neutral soda ash)
The project aligns with AM International’s ESG Initiatives which uses novel carbon-capture technology to achieve carbon neutrality in the manufacture of soda ash,It is the world’s first near-zero soda ash manufacturing initiative.
The company has achieved this accomplishment by utilizing cutting-edge carbon-capture technology to achieve carbon neutrality in the soda ash manufacturing process.
The Tuticorin Alkali Chemicals and Fertilisers Ltd share has increased by 85 percent in six months and 53 percent in a year.
Based on the company’s finances, Revenue has fallen by 25 percent yearly, from Rs 119 crore in Q2FY23 to Rs 89 crore in Q2FY24. Further, within the same period, Net profit has slightly reduced by 5 percent from Rs 20 crore to Rs 19 crore.
According to the recent shareholding pattern, the company promoters hold a 75 percent stake in the company, while Foreign Institutional Investors hold a 6.52 percent stake. And retail investors have an 18.49 percent stake in the company.
Tuticorin Alkali Chemicals and Fertilisers Ltd is a part of the Singapore-based AM International and is a leading manufacturer of Soda Ash in India and the only player in South India. It produces all grades of Soda Ash and also co-produces Ammonium Chloride fertilisers through an eco-friendly dual process.
Written by Omkar Chitnis
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