Fine Organic trades in green after incorporating specialty chemicals arm

Shares of Fine Organic Industries Limited advanced over 1 percent to Rs 4,905 intraday on October 11 after the company incorporated Fine Organic Industries (SEZ) Private Limited, a wholly owned subsidiary.

“The new subsidiary is incorporated in India for the purpose of carrying on the business of manufacturing specialty chemical products,” the company said in an exchange filing on October 10.

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According to the exchange filing, the company has committed to subscribe to 10,000 equity shares at a par value of Rs 10 per share. Fine Organic Industries (SEZ)  was incorporated on October 10 and, hence, it has not yet begun its operations and there is no history of turnover.

With a marker cap of about Rs 15,000 crore, Fine Organics is a chemical manufacturing company. It carries out the development and manufacturing of chemicals and speciality additives. The company’s speciality additives include emulsifiers, improvers for bakeries, oil blinders, anti-crystallises and engineering plastics for various markets.

In the last one year, the stock has fallen nearly 30 percent. It competes with the likes of Pidilite Industries, SRF, and Tata Chemicals among others.

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