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Kanoria Chemicals gains 4% after announcing new plant

Source: 
Vanguard

Chemical intermediates manufacturer Kanoria Chemicals gained 4% to Rs71 in early trade on BSE.

This is attributed to the company setting up a formaldehyde plant with a capacity of 1,00,000 TPA at Naidupeta in Andhra Pradeshs Nellore district. As per a BSE filing, this became possible after it received environmental clearance from the Ministry of Environment, Forests & Climate Change.

Apart from chemicals, Kanoria Chemicals has diversified business interests, including automotive and industrial electronics, renewable energy and textiles.

It has two chemicals manufacturing facilities, one at Ankleshwar in Gujarat, which manufactures alcohol-based intermediates; the second is at Visakhapatnam in Andhra Pradesh, which manufactures formaldehyde, hexamine and resins.

Kanoria Chemicals and Industries is currently trading at Rs71.15 up 4%, from its previous close of Rs68.55 on the BSE.

The scrip opened at Rs71 and touched a high and low of Rs73.35 and Rs70.35, respectively.

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