Balaji Amines trades lower despite BIS certification for ‘Morpholine’

The share touched a 52-week high of Rs 2,736.35 and a 52-week low of Rs 1,872.90 on 01 January, 2024 and 22 May, 2023, respectively.

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Shares of Balaji Amines traded lower early on January 18 despite the company receiving its BIS Certification from the Bureau of Indian Standards.

At 9:42am, Balaji Amines was quoting at Rs 2,432.55, down Rs 24.90, or 1.01 percent, on the BSE.

“The company received the BIS Certification for the product ‘Morpholine’ from the Bureau of Indian Standards for Unit-III of the company situated at Plot No E-7 and 8, MIDC, Chincholi, Mohol, Solapur, Maharashtra,” the company said in a release.

This certification will help the company regulate the quality of the product which is mandatory for supply of Morpholine in India. The licence is valid for one-year.

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Earlier in this month, the company subsidiary Balaji Speciality Chemicals Limited received the status of a mega project from the Maharashtra government for the ‘Expansion Project for Manufacture Speciality Chemicals’. The proposed investment for this is Rs 750 crore.

The company’s consolidated revenue fell 39 percent year-on-year (YoY) to Rs 387 crore in the July-September quarter. Its consolidated profit after tax (PAT) fell 69 percent YoY to Rs 61 crore in the same period.

Balaji Amines is the largest manufacturer of Aliphatic Amines in India. It has over 30 products and 2,31,000 MTPA capacity. Products manufactured by the company are mainly supplied to pharma, paints and resins, and agrochemical industries.

The share touched a 52-week high of Rs 2,736.35 and a 52-week low of Rs 1,872.90 on 01 January, 2024 and 22 May, 2023, respectively.

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