 "Gujarat Fluoro hits 52-wk high after arm incorporates German subsidiary")
Gujarat Fluorochemicals shares hit 52-wk high: Shares of chemical manufacturer Gujarat Fluorochemicals climbed up to 2.17 per cent to hit a fresh 52-week high of Rs 4,120 per share on Thursday, September 12, 2024.
The surge in the chemical company’s stock came after it announced that GFCL EV Products Limited, wholly-owned subsidiary of the company, has incorporated its wholly-owned subsidiary company in Hamburg, Germany namely GFCL EV Products GmbH on September 10, 2024.
In an exchange filing, Gujarat Fluorochemicals said, “We would like to inform you that GFCL EV Products Limited, wholly-owned subsidiary of the company, has incorporated its wholly-owned subsidiary company in Hamburg, Germany namely GFCL EV Products GmbH on 10th September, 2024.”
The initial subscription made by GFCL EV Products Limited is for 25,000 euros, the company said.
GFCL EV Products GmbH is involved in import and export, processing, distribution, marketing and storage of polymers and organic and inorganic compounds for catering to the needs of EV and ESS battery chemical segments.
Incorporated in 2018 as a part of the INOX Group, Gujarat Fluorochemicals Limited (formerly Inox Fluorochemicals Limited) stands as a major player in India's chemical industry.
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The company, having demerged from GFL Ltd, specialises in producing fluoropolymers, fluoro specialities, chemicals, and refrigerants. It is among the top five global producers of fluoropolymers and exports its products to Europe, the Americas, Japan, and Asia.
Its product portfolio includes PTFE, PFA, FEP, FKM, and PVDF under fluoropolymers; agrochemical and pharmaceutical-grade fluorospecialities; HCFC 22 and other refrigerants; and industrial chemicals such as caustic soda and chloroform.
Recently, the company has ventured into battery manufacturing and solar panels, marking its entry into the EV and renewable energy markets.
Additionally, the company operates multiple manufacturing units, including facilities in Dahej and Ranjitnagar, as well as an international plant in Morocco for fluorospar mining.
The Dahej unit is known for being the largest fluoropolymer plant in India. The company maintains a strong global presence with offices and warehouses in major markets such as the Americas, Europe, and Asia.
At 10:48 AM, shares of Gujarat Fluorochemicals were trading 2.15 per cent higher at Rs 4,119 per share. In comparison, BSE Sensex was trading 0.25 per cent higher at 81,726.02 levels.