Himadri Specialty hits 52-week high on CoC nod to Birla Tyres’ insolvency resolution plan

Himadri Speciality Chemical has become a strategic partner of Dalmia Bharat Refractories to engage in the corporate insolvency resolution process of Birla Tyres

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Shares of Himadri Speciality Chemical surged more than 4 percent on August 23 to hit 52-week high of Rs 190.90 after the company’s resolution plan along with Dalmia Bharat Refractories for Birla Tyres was given the go-ahead by the committee of creditors (CoC).

At 11.02 am, the stock was trading at Rs 188.5 on the BSE, 3.4 percent higher from the previous close. The stock has gained 35 percent in the past month, 61 percent in three months and 90 percent this year, so far.

The company has received a letter of intent from the resolution professional that the plan, which was a collaborative effort between the company and Dalmia Bharat Refractories, has been approved by the committee of creditors of the corporate debtor.

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The company and Dalmia Bharat Refractories have accepted the LoI. The resolution plan will be now submitted to the National Company Law Tribunal’s Kolkata Bench for its approval, Himadri Speciality said in an exchange filing.

In the June quarter, the company’s consolidated net profit rose 123 percent year-on-year (YoY) to Rs 86.15 crore. Revenue though fell 9 percent on year to Rs 950.91 crore. EBITDA came in at Rs 144.13 crore, up 97 percent.

Himadri Speciality Chemical manufactures carbon materials and chemicals. It has the largest market share in coal tar pitch and the third-largest market share in carbon black. The company is also the largest player of Naphthalene and SNF in India.

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