Himadri Speciality to invest Rs.1,000 crore in WB; stock escalates

Himadri Speciality Chemical zoomed past 4 per cent in the morning trade on Thursday on the back of company’s plan to invest Rs. 1,000 crore to setup a greenfield plant in West Bengal.

The company's CEO, Anurag Choudhary, on Wednesday said that the company will invest Rs. 1,000 crore in phases to set up a new plant to manufacture around 40 high-end grades of speciality carbon black with a terminal capacity of two lakh ton per annum. He also said that after the achievement of full capacity at the new plant, the company would accrue incremental revenue of Rs. 2,500 to 3,000 crore per annum.

The company is also likely to benefit from the government’s anti-dumping duty on Chinese imports of sulphonated naphthalene formaldehyde (SNF), used in the construction and dyes industry, for a period of five years. Himadri is the largest manufacturer of SNF in India with a market share of around 50 per cent.

At 11:25 hours, Himadri was trading at Rs 156.40 per share, up Rs. 3.95 or 2.59 per cent on BSE. The scrip opened at Rs. 156.10 and touched an intraday high of Rs. 159 per share on BSE. The stock has a 52-week high of Rs. 197 and 52-week low of Rs. 42.35 per share on BSE. The stock attracted a traded volume of 1,93,365 shares on BSE.