Page 2 - Chemicals

Recovery in chemicals may be delayed until FY25, more downgrades ahead

Specialty chemical majors, after experiencing a 17% Y-o-Y fall in revenues in the September quarter, are projected to report an 18% decline in the top line for the December quarter

Zydex eyes 15-20% revenue growth to Rs 375 cr across all verticals in FY24

Specialty chemicals company Zydex Group is eyeing 15-20 per cent growth in revenues to Rs 375 crore from all its verticals including road, textile, agro, water proofing and paints in 2023-24 compared to previous fiscal year. Talking to PTI, Chairman and Managing Director Zydex Group Ajay Ranka said,"We are expecting 15 to 20 per cent revenue growth in all business verticals during 2023-24 compared to 2022-23." He said the company gets 35 per cent revenue from road vertical, 35 per cent from textiles, 10-12 per cent agro, 14-15 per cent from waterproofing and 3-4 cent from paints business. About the staggering impact of the pandemic (which hit in March 2020) on the businesses, Ranka said though market sentiments have improved, the textile sector is doing poor since October 2022. Rest of the sectors are however growing post pandemic. "Organic growth of the company is expected in the next two years beyond which inorganic growth will be looked into, once business verticals stabilize an

Navin Fluorine dips 16% in 4 days after MD resigns; Firm remains positive

Valuations are rich and hence, the brokerage firm Motilal Oswal Financial Services said it maintain Neutral rating on the stock owing to limited upside.

Best Agrolife consolidated net profit jumps to Rs 90.5 cr in June quarter

Agro chemical firm Best Agrolife Ltd on Monday reported an over two-fold jump in its consolidated net profit at Rs 90.5 crore for the June quarter of the current fiscal. Its net profit stood at Rs 40.12 crore in the year-ago period. Total income rose to Rs 616.75 crore in the April-June period of 2023-24 fiscal from Rs 464.07 crore in the corresponding period a year ago, according to a regulatory filing. Vimal Kumar, Managing Director of Best Agrolife Ltd, said the company has achieved remarkable growth momentum, with revenue from operations growing by 32 per cent despite the headwinds that the agrochemicals industry has been facing. "Additionally, our EBITDA margins of 21 per cent can be attributed to the increasing contribution of speciality, niche, and patented products to our overall revenue," he said.

India-made cold syrup sent to Iraq tainted with toxic chemicals, shows test

A bottle of Cold Out purchased at a pharmacy in Baghdad in March contains 2.1 per cent ethylene glycol, according to Valisure LLC, an independent US laboratory

MRPL shelves plans of refinery expansion to focus on chemicals bet

A shifting energy landscape primarily driven by the uptake of electric vehicles has prompted MRPL to focus its efforts on increasing output of chemicals that can be used for plastics and paints

Making efforts to set up chemical parks to meet domestic demand: Mandaviya

Chemicals and Fertilisers minister Mansukh Mandaviya on Wednesday stressed on the need to bring innovations in the chemicals sector and said the government is making efforts to set up chemical parks to meet a rising domestic demand. The minister was virtually addressing an international conference on Chemicals & Petrochemicals, organised by industry body CII in association with the Department of Chemicals and Petrochemicals, Ministry of Chemicals & Fertilizers. "To meet the rising domestic demand, the government of India is striving towards establishing the global state-of-art chemicals parks with all necessary plug and play facilities by providing a sustainable ecosystem to the industries," Mandaviya said. The chemical industry is a critical and integral part of growing Indian economy, he said, adding that there is an immense growth potential of this sector. Mandaviya highlighted the need to bring innovation across all the segments of the chemical and petrochemical industry ..

Jubilant Ingrevia Q4 profit slump 24% as supplements faced headwinds

Consolidated net profit fell to 523.1 million rupees ($6.4 million) for the three months ended March 31 from 685.9 million rupees a year earlier, marking the fourth straight quarter of earnings drop

Neogen Chemicals surges 5% after it inks pact with Japanese firm MUIS

This acquisition will help Neogen to strengthen its position in the electrolyte market in India.

Global emissions from banned chemicals destroying ozone layer: Study

The study noted these emissions might be reduced or avoided by reducing leakages associated with HFC production and by properly destroying any co-produced CFCs

Coromandel International to enter into fertilisers, industrial chemicals

Coromandel International Ltd, which is into fertilisers and crop protection chemicals businesses, on Wednesday said it will diversify into speciality and industrial chemicals. Coromandel International is in the business of fertilisers, crop protection chemicals, bio-products, speciality nutrients, organic fertilisers and retail. In a statement, the company said that its Board approved a plan to expand its operations in crop protection chemicals and foray into Contract Development & Manufacturing Organisation (CDMO) business. The Board also approved the plan to diversify into new growth areas, namely speciality and industrial chemicals. "This is in line with the company's strategy to establish a sizeable presence in the crop protection chemicals business and leverage its deep technical capabilities and best-in-class infrastructure to enter into adjacencies like CDMO, speciality and industrial Chemicals," it added.

India taking steps to counter manufacture of illegal synthetic drugs: INCB

INCB chief Jagjit Pavadia said, "India has witnessed the rise of commercial chemical factories that have been adapted to illicitly manufacture large quantities of synthetic drugs and their precursors"

Chemplast Sanmar to spend Rs 680 cr on expanding CMC works at Hosur

Phase-1 of project slated to be completed by Q2 of FY24

Fertilisers and Chemicals Travancore's Q3 net up two-fold to Rs 165.79 cr

Profit and turnover for the corresponding nine months of the previous year was Rs 119.84 crore and Rs 2,732.25 crore, respectively

Nano liquid urea cheaper, better, saves govt subsidy: Mansukh Mandaviya

Minister for Chemicals and Fertilisers Mansukh Mandaviya on Thursday stressed on the need to promote nano liquid urea in place of conventional granular urea, saying that it is better, cheaper, convenient and will help the government in saving a huge amount of subsidy. In June 2021, cooperative IFFCO launched nano urea as an alternative to conventional urea. It has also set up manufacturing plants to produce nano urea. IFFCO is selling nano urea at Rs 240 per bottle of 500 ml, which can replace one bag of conventional urea of 45kg costing around Rs 265. There is no government subsidy on nano urea. While virtually interacting with four farmers and two owners of Pradhan Mantri Kisan Samruddhi Kendras (PMKSK) from different states, Mandaviya enquired about the availability of various fertilisers including nano urea and also whether farmers were getting other advisory services at these centres. Under an scheme, around 3 lakh retail fertiliser shops in the country are getting converted i

After toys, govt looks to curb China electric fan, smart meter imports

Since the quality control order 3 years ago, toy import down 70 per cent

Centre tells fertiliser companies, states to promote Nano urea use

At present, the capacity of Nano urea is 50 million bottles per year

Invest Rajasthan Summit proposals in implementation stage, says minister

The summit had drawn interest from local businesses, in addition to a number of those from India and outside

Archean Chemical lists at 11% premium to issue price, extends gain

Post listing, the stock moved higher to Rs 473.65, up 16 per cent over its issue price on the BSE.

Centre tells SC it wants more compensation for Bhopal gas leak victims

Attorney General says tragedy continues for victims, will pursue its 12-year-old curative petition for them