Laxmi Organic shares turn around after subsidiary facility goes on stream

Going ahead, the firm’s primary focus over the next few months will be on operationalizing the entire site in phased manner, it added.

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Shares of Laxmi Organic Industries snapped a four-session losing streak on July 25 after the company said its wholly owned subsidiary has put on stream the first phase of its manufacturing facility in Ratnagiri, Maharashtra.

Laxmi Organic was trading 1.47 percent up at Rs 255.95 on the BSE at 10.20am on Tuesday.

In a post-market-hour regulatory filing on July 24, the company said its subsidiary Yellowstone Fine Chemicals Private Limited (YFCPL) had commissioned the first phase of its manufacturing unit located at MIDC, Dhamandevi in Ratnagiri district of Maharashtra.

“Going ahead, YFCPL’s primary focus over the next few months will be on operationalising the entire site in a phased manner and ensuring a seamless stabilisation of operations without any compromise on safety,” it added.

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Laxmi Organic Industries is a leading manufacturer of specialty chemicals catering to sectors like pharmaceuticals, agrochemicals, food packaging, pigments and coatings.

Shares of the company are down 14 percent on a year-to-date basis, while the one-year return stands at (-)19 percent.

As of the quarter ended June 2023, the promoters held 72.39 percent stake in the firm, with the rest 27.61 percent with public shareholders.

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