Chemcon Speciality Chemicals rose 1.68% to Rs 431.90 after the company said it purchased three different land parcels worth Rs 22.30 crore in different parts of Vadodra, Gujarat for business purposes.
The company purchased a non-agricultural land admeasuring 5868 sq. mtrs along with construction thereon situated at Mouje, Vadodara for Rs 6 crore.It purchased agricultural land admeasuring 2125.00 sq. mtrs at Mouje, Vadodara for Rs 7.49 crore. It bought another agricultural land admeasuring 4075.00 sq. mtrs situated at Mouje in Vadodara for Rs 8.80 crore.
"These transactions of Purchase of properties are related party transactions. The sellers are Promoter/Promoter group member/Key Managerial Personnel of the Company," the company said in a statement.
Gujarat-based Chemcon Speciality Chemicals manufactures specialised chemicals, such as Hexamethyldisilazane ("HMDS"), Chloromethyl Isopropyl Carbonate ("CMIC"), which are predominantly used in the pharmaceuticals industry. It also makes inorganic bromides, namely Calcium Bromide, Zinc Bromide and Sodium Bromide, which are predominantly used as completion fluids in the oilfields industry.
Chemcon Speciality Chemicals' net profit rose 89.9% to Rs 25.46 crore on 56.3% increase in net sales to Rs 89.41 crore in Q1 June 2022 over Q1 June 2021.
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