Balaji Amines rose 3.29% to Rs 363.80 at 11:27 IST on BSE after the company said it received approval from Ministry of Environment for expansion of its project in Solapur.
The announcement was made after market hours yesterday, 6 July 2017.Meanwhile, the S&P BSE Sensex was down 55.63 points, or 0.18% to 31,313.71.
On the BSE, 32,000 shares were traded in the counter so far, compared with average daily volumes of 5,249 shares in the past one quarter. The stock had hit a high of Rs 382 and a low of Rs 355.60 so far during the day. The stock hit a record high of Rs 401.10 on 24 April 2017. The stock hit a 52-week low of Rs 249.20 on 14 July 2016.
The stock had outperformed the market over the past one month till 6 July 2017, rising 0.46% compared with 0.31% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 8.47% as against Sensex's 5.60% rise. The scrip had outperformed the market in past one year, rising 29.68% as against Sensex's 15.32% rise.
The small-cap company has equity capital of Rs 6.48 crore. Face value per share is Rs 2.
Balaji Amines said it received approval from Ministry of Environment, Forest and Climate Change, Government of India (GoI) for expansion project, which includes Acetonitrile (ACN), Morpholine (MOR) & Di Methyl Amine Hydrochloride (DMAHCL) products. The project is situated at Solapur in Maharashtra. The approval was granted with a condition of acquiring no-objection certificate (NOC) from National Board for Wild Life for which the company has already applied to the GoI.
Balaji Amines' net profit fell 23.4% to Rs 17.87 crore on 7.3% increase in net sales to Rs 193.14 crore in Q4 March 2017 over Q4 March 2016.
Balaji Amines makes methylamines, ethylamines, derivatives of specialty chemicals and natural products.
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