Shares of this small-cap stock associated with commodity chemicals gained up to 3.50 percent in Monday’s trading session after the company received approval from the ‘Maharashtra Pollution Control Board’ (MPCB) to establish production.
With a market capitalization of Rs 2,041.20 crores, the stocks of Sadhana Nitro Chem Limited closed at Rs 82.62 on Monday. The scrip witnessed an intra-day high of Rs 84.47 exhibiting a gain of approximately 3.50 percent as compared to the previous close of Rs 81.68 apiece.
The company, in one of its regulatory filings with the Bombay Stock Exchange (BSE) today, intimated that it has received approval from MPCB to establish production of “Para Aminophenol” (pAP).
Regarding the same, the company becomes 2nd plant in the world and 1st plant outside of the Americas to manufacture pAP from Nitrobenzene.
“We are optimistic that subsequent scaling efforts will be significantly more efficient, both in terms of time, space, and capital expenditure”, commented Mr. Abhishek Javeri, MD, Sadhana Nitro Chem Limited.
During the recent financial quarters, the company’s operating revenues as well as net profits have fallen with the former reducing from Rs 48.16 crores during Q4FY22-23 to Rs 39.41 crores during Q1FY23-24, and, the latter, during the same period, reducing sharply from Rs 1.77 crores down to Rs 5 lakhs.
As per the September 2023 shareholding data, the company’s Promoters hold a 71.12 percent stake followed by the Public (retail) investors holding the remaining 28.88 percent stake in the company.
Sadhana Nitro Chem Limited is a company based in India that operates in the chemical business. It manufactures heavy organic chemicals, intermediates, performance chemicals, etc. Geographically, the company’s business segments are domestic sales & export sales.
Written by Amit Madnani
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