Supreme Petrochem (SPL) added 2.43% to Rs 718.10 after the company signed a mass ABS technology license agreement with Italian chemical company Versalis.
The company and Versalis have signed continuous mass ABS technology license and basic engineering design agreement for SPL's 70 KTY ABS unit to be built in Amdoshi -Wangani, District Raigad in Maharashtra, India.
ABS technology allows producing styrenic polymers with a low carbon footprint, due to the very low emissions, energy consumption and effluent generation. Market applications include automotive industry, household appliances, electric and electronic sector, medical appliances and furniture.
Versalis - Eni's chemical company, is one of the largest producers of polymers in Europe and an experienced licensor with full-scale plant operations knowledge.
The addition of Versalis' proprietary mass ABS technology expands Supreme Petrochem's leadership position in Styrenics polymers in India adding to its existing polystyrene, expandable polystyrene, and compounding operations in Nagothane and Chennai.
Supreme Petrochem is produces styrenic polymers in India with two manufacturing locations, Amdoshi-Wangani, Maharashtra and Manali, Tamilnadu in India. SPL's combined installed nameplate capacity of all products is about 400 KTY.
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The company's net profit jumped 47.49% to Rs 127.07 crore on a 71.56% surge in total income from operations (net) to Rs 1,190.76 crore in Q2 FY22 over Q2 FY21.
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