Camlin Fine shares crash 3% on extending Europe plant closure

The closure shall continue until the situation improves for the resumption of the operation of the plant, company said.

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Share of Camlin Fine Sciences lost over 3 percent intraday on November 1 after the company extended the temporary shutdown at a subsidiary plant.

Camlin Fine Sciences has informed that the temporarily closure of Diphenol Plant of its wholly owned subsidiary, CFS Europe SPA, in Ravenna, Italy, will be extended in view of challenging macro‐economic situation in Europe, coupled with low pricing and weak demand across the industry.

The closure shall continue until the situation improves for the resumption of the operation of the plant, the company said. The company had earlier said that the plant shall be closed temporarily from August 16 to September 15.

Chemicals like hydroquinone and catechol are derived from diphenol. These chemicals are used in electroplating, petrochemicals, agrochemicals, pharmaceuticals, dyes, pigments and printing inks.

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A meeting of the Board of Directors of the company is scheduled on November 6 to consider and approve the standalone and consolidated un‐audited financial results for the quarter and half-year ended September 30, 2023.

The company in the quarter ended June 2023 had posted 164 percent on-year jump in its net profit at Rs 15.55 crore.