Balaji Amines gains on receiving environmental clearance for new manufacturing facility

The Solapur-based specialty chemical manufacturer, Balaji Amines, informed the stock exchanges that it has received the environmental clearance for its project in Solapur, Maharashtra.

The company released a press note on Wednesday after market hours, which said that it has received the Environmental clearance for the same from the Ministry of Environment, Forests & Climate Change, Government of India.

The company is setting up an organic and specialty chemicals manufacturing Unit of capacity 874.2 TPD (tons per day) in an area of 36 ha located at Plot No. F-104 (Unit IV), Chincholi MIDC, Solapur, Maharashtra. The project also involves installation of captive power plant of total capacity of 10 MWH. The estimated project cost is Rs. 400 crores. The capacity addition can be expected to be important trigger. During the second quarter of FY20, its total volumes declined by 7 per cent YoY.

On Thursday, reacting to the news, the stock price touched its intra-day of Rs. 379 (8 per cent higher from previous close). At 12.30 pm, the stock traded with gains of 5 per cent at Rs. 367.50 on BSE.