Heranba Industries soars 16% as Gujarat pollution board revokes closure order

Heranba Industries was told by the Gujarat Pollution Control Board to shut down close operations at its Vapi’s Unit-I and II

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Shares of Heranba Industries soared 16 percent on June 14 morning after the Gujarat Pollution Control Board (GPCB) revoked its closure order for the company’s facilities in Vapi.

GPCB on May 22 ordered operations to be shut at Heranba Industries’s Vapi’s Pant Unit-I and II for violation of pollution norms. The company informed the exchanges on June 14 that the GPCB had revoked the order.

At 11:38 am, the stock was quoting at Rs 403.85, up 13.46 percent. The scrip was trading with volumes of 99,797 shares in comparison to its five-day average of 10,531 shares, which means an increase of 848 percent.

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The company is a crop protection chemical manufacturer, exporter and marketing company based in Vapi with corporate and administration offices in Mumbai.

It manufactures intermediates, technicals and formulations and is one of the leading domestic producers of synthetic pyrethroids, the company says. Its pesticide range includes insecticides, herbicides, fungicides and public health products for pest control.

Due to the ongoing global destocking, declining prices of pyrethroids and other insecticide molecules, the near term outlook will continue to be challenging for Heranba Industries, analysts have said.

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