This S&P BSE Smallcap Stock announced incorporation of a new wholly owned subsidiary to venture into Specialty Chemicals Business. The company has a market cap of Rs. 15,014 crore and is 33% away from its 52 week high, trading at Rs. 4897.20 versus Rs. 4839.40 at previous close.
The stock is seeing volumes that are over 0.2x the monthly average. The company’s shareholding has 12% DII holding with the key ones being Axis Group & SBI group.
In a filing dated 10th October 2023, Fine Organic Industries Ltd (“Fine Organic”) stated that the Company has incorporated a wholly owned subsidiary company named ‘Fine Organic Industries (SEZ) Private Limited’ in India.
The company added that the new Wholly Owned Subsidiary is incorporated in India for the purpose of carrying on the business of manufacturing Specialty Chemical products. The Company has committed to subscribe to 10,000 equity shares at a par value of Rs.10/- per share.
Right now, a wide range of oleochemical-based additives used in foods, plastics, cosmetics, coatings, and other specialty applications in various industries are produced, processed, supplied, distributed, traded, imported, and exported by Fine Organic Industries both inside and outside of India.
In India, Fine Organic is the biggest producer of specialty additives based on oleochemicals. It ranks among the top global players in specialty food emulsifiers and among the six biggest global players in polymer additives.
In FY23, the company’s revenue grew 61% YoY and Net Profits saw growth of 138%. Further, Net Margins expanded 650 bps during the same period.
The company has stable shareholding with 75% promoter holding, 12% DII holding, 3% FII holding and the rest being held by the public. The company has no short interest and the promoters do not have any pledges for the last 4 quarters.
Written by Sandeep R
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