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DCM Shriram stock gains after commissioning of Hydrogen Peroxide plant

The rise in the share price came after the company announced that it has successfully commissioned a new Hydrogen Peroxide plant.

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SI Reporter New Delhi
3 min read Last Updated : Aug 20 2024 | 9:37 AM IST
DCM Shriram shares rise: Shares of DCM Shriram rose as much as 2 per cent to hit an intraday high of Rs 1,167.80 per share on Tuesday, August 20, 2024. 

The rise in the share price came after the company announced that it has successfully commissioned a new Hydrogen Peroxide plant.

In an exchange filing, DCM Shriram said, “We wish to inform you that the Company has commissioned its state-of-the-art Hydrogen Peroxide (H2O2) plant of 52,500 TPA at its Chemical complex in Jhagadia, Bharuch Dist., Gujarat today i.e. August 19, 2024.”

H2O2 will add to our chemicals business product portfolio and is a downstream to Hydrogen produced at the Chemicals complex, the company said. 

Notably, Hydrogen Peroxide has wide ranging applications from bleaching agent to water and wastewater treatment, chemical synthesis, food processing, mining and metallurgy and environmental applications.

Q1 financial performance

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For the first quarter ending June 30, 2024 (Q1FY25), DCM Shriram reported a whopping 77.2 per cent year-on-year increase in net profit, reaching Rs 100.3 crore. This compares to a net profit of Rs 56.6 crore in the same quarter the previous year (Q1FY24).

Revenue from operations grew 4.6 per cent, rising to Rs 3,073 crore from Rs 2,937.2 crore in the corresponding quarter of the previous fiscal year.

At the operating level, earnings before interest, tax, depreciation, and amortisation (Ebitda) surged 49.1 per cent, to Rs 247.7 crore in the first quarter of this fiscal, up from Rs 166.1 crore in the same period last year. The Ebitda margin improved to 8 per cent from 5.7 per cent in the prior year. 

Earlier this year in January , DCM Shriram Bio Enchem Ltd. (a wholly-owned subsidiary) launched a new Sulphate of Potash Plant (K2SO4) with an annual capacity of 4,600 metric tonnes.

Additionally, in January, the company entered into a Memorandum of Understanding (MoU) with the Government of Gujarat to invest approximately Rs 12,000 crore by 2028 for the production of chemical and petrochemical products in Bharuch.

DCM Shriram is part of the DCM Group, an extensive industrial conglomerate involved in manufacturing a diverse range of products, including textiles, sugar, chemicals, vanaspati, pottery, fans, sewing machines, electric motors, and capacitors. DCM Shriram operates manufacturing facilities for fertilisers, chloro-vinyl products, and cement in Kota (Rajasthan), and for chlor-alkali products in Bharuch (Gujarat).

At 9:33 AM, shares were trading 0.12 per cent lower at Rs 1143.55 per share. In comparison, BSE Sensex was up 0.17 per cent at 80,563.01 levels.

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Topics :DCM ShriramBuzzing stocksBSE NSENSE Nifty50 benchmark indexIndian stock exchangesIndian stock marketBSE MidCap BSE SmallCap

First Published: Aug 20 2024 | 9:37 AM IST

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