The shares of one of India’s leading agri-solutions providers fell by 3.5 percent after a gas leak from a fertilizer manufacturing facility in Ennore, Tamil Nadu.
With a market capitalization of Rs 36,581.34 crore, the shares of Coromandel International Ltd were trading at Rs 1,242.60 per share, decreasing around 2 percent as compared to the previous closing price of Rs 1,262.05 per share.
According to the Times of India, at least nine people were taken to the hospital and 230 others were evacuated after a gas leak from Coromandel International Ltd’s fertilizer manufacturing facility in Tamil Nadu’s Ennore on Tuesday night, which is involved in the manufacture of Ammonium Phosphate Potash Sulphate (APPS).
Supriya Sahu, the Environment Secretary, stated A pressure dip in the pipeline at 11.45 p.m. caused an unpleasant odor near the storage terminal and the material gate. Gas bubbles were discovered in the pipeline across the street. The unit immediately began depressurizing the pipeline by channeling ammonia vapour to the flare and finished the operation in 20 minutes.
Furthermore, folks in Ennore’s neighboring districts reported vomiting and sickness within minutes. The Emergency Management Research Institute dispatched sixteen ambulances.
Looking into the company’s finances, Coromandel International Ltd’s revenue decreased by 30 percent from Rs 10,113 Crore in Q2FY23 to 6,988 Crore in Q2FY24. During the same period, net profits increased by 1.8 percent from Rs 741 crore to Rs 755 crore.
Coromandel International Ltd is a bigger crop production firm in India, with a manufacturing capacity of more than 80,000 tons per year from 6 plant locations, and the company has 10,000+ dealers with 60+ brand portfolios supplied in 81 countries.
Coromandel International Ltd is a significant provider of agricultural solutions in India. It provides a wide range of products and services throughout the farming value chain. It focuses on fertilizers, crop protein, bio-pesticides, specialized nutrients, organic fertilizers, and other products.
Written by:- Abhishek Singh
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