SRF tumbles 8 per cent on closure of Dahej plant

The stock of SRF Limited declined by nearly 8 per cent on receiving orders to shut down its Dahej plant.

The company has informed the bourses that it has received notice from the Gujarat pollution control board to shut down its Dahej plant. This notice was on a result of non-compliance with the provisions of Water (Prevention and Control of Pollution) Act, 1974. The company operates chemicals and polymers plants in Gujarat.

Looking at the recently concluded quarter Q3FY19, the company's revenue jumped by 40.6 per cent on YoY basis, whereas EBITDA jumped by 33.1 per cent YoY. Net profit also spiked by 26.3 per cent on YoY basis. The company's Q3FY19 revenue mix comprised Chemicals (29.8 per cent), Packaging films (35.7 per cent), Technical textiles (27.9 per cent) and Others (6.6 per cent).

SRF Limited is engaged in the manufacturing of chemicals and polymers, technical textiles and packaging films.

On Monday, the stock of SRF Limited opened at Rs. 2,315.20 and made an intraday low of Rs. 2,201 on the BSE. The stock had hit its 52-week high of Rs. 2,476.40 on March 25, 2019 and its 52-week low of Rs. 1,531 on July 19, 2018 on the BSE.