Gujarat Alkalies trades in red on news of CFO resignation

Gujarat Alkalies and Chemicals shares slipped into the red on November 20 following news of Vinayak Kudtarkar stepping down as general manager (finance) and chief financial officer for personal reasons.

In his stead, the company has appointed Ram Gianani as CFO, with effect from November 18. Gianani has been working as an additional general manager (finance) with Gujarat Alkalies and Chemicals since December 2013.

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Gianani is a qualified chartered and cost accountant and working with the company since December 2013. He has more than 30 years of experience.

As of 12 noon, shares of the company were trading at Rs 722.55, lower by 0.55 percent, on the NSE.

For the quarter ended September 30, the company reported dismal earnings, largely bogged down by the weak demand environment plaguing the chemical sector. It posted a net loss of Rs 18.40 crore for the July-September period as against a net profit of Rs 60.50 crore in the year-ago period.

The net loss came on the back of a weak operational performance, and a fall in revenue due to aggressive competition from Chinese counterparts and volatile market conditions prevailing during the quarter.

So far in 2023, shares of Gujarat Alkalies have risen 5.46 percent, while the frontline index NSE Nifty 50 has gained 8.2 percent. The company has a market-cap of Rs 5,307.3 crore and the counter has a PE ratio of 64.2.

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