Aether Industries tanks 8% after fire is reported at Surat plant

The fire, which took place early morning, injured 25 people, the company said. The stock has been under pressure in recent months following the demand slump that has hit the entire specialty chemicals space

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Shares of Aether Industries slumped over 8 percent in the trade on November 29 after the chemicals manufacturer reported a fire at its Surat facility early in the morning that injured 25 people.

Investors were also concerned about the impact of the fire on the company’s manufacturing and revenue prospects.

At 11.37 am, Aether Industries was trading 7.5 percent lower at Rs 837.60 on the National Stock Exchange.

Volumes in the counter shot up. Seven lakh shares changed hands in the morning session, manifold the one-month daily traded average of 76,000 shares.

The stock has remained under pressure in recent months, largely on the back of an ongoing demand slump for the entire specialty chemicals sector. Aether Industries has shed over 19 percent in the past three months.

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This is despite the company posting a 39 percent jump in Q2 net profit aided by a 22 percent rise in revenue. Though the entire specialty chemicals sector has been reeling under pressure of sluggish demand in overseas market and lowering chemical prices by China, analysts expect the worst is behind.

“The demand for agrochemical intermediates from Aether’s product portfolio is likely to improve. Agrochemical orders that were manufactured in the first two quarters are being delivered in the second half of the year,” brokerage firm JM Financial said in a recent report.

“Aether, which had stocked up on finished goods inventory, will see inventories coming down across the rest of the year. This demand recovery is unlike other players who continue to face headwinds in the agrochemicals sector.”

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