Navin Fluorine shares rally 20% on partnership with US firm

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Moneycontrol Bureau

Navin Fluorine International shares are locked at 20 percent upper circuit at Rs 1,697.25 on Wednesday after partnership with US company for refrigerant production technology. There were pending buy orders of 1,726 shares, with no sellers available on the BSE, at 10:13 hours IST.

Honeywell has entered into a supply and technology license agreement with India's speciality fluorochemicals manufacturer to produce Honeywell Solstice yf.Solstice yf is also called as hydrofluoro-olefin refrigerant (HFO-1234yf) which has global warming potential of lower than 1. It is used in automobile air conditioning systems.

Honeywell will license its proprietary process technologies to produce the refrigerant to Navin Fluorine, which will manufacture Solstice yf in India exclusively for Honeywell. Small-scale production is expected to begin by the end of 2016 at Navin's Gujarat plant.

Navin Fluorine has four main strategic business units - refrigeration gases, inorganic fluorides, speciality fluorides and contract research & manufacturing services (CRAMS). The company has fluorochemicals manufacturing plants at Surat & Dahej in Western India and Dewas in Central India.Posted by Sunil Shankar Matkar