Shares of NACL Industries Ltd zoomed nearly 18 percent on May 23 after the company's net profit for the March quarter nearly doubled.
At 10.15am, the stock was trading at Rs 100.44 on the BSE, up 16 percent from its previous close, while the benchmark Sensex gained 0.35 percent to 62,180 points.
The company's net profit for the quarter spiked 98 percent to Rs 41.65 crore from Rs 21.02 crore a year ago, while revenue jumped 26.7 percent to Rs 600.07 crore as against Rs 473.64 crore last year. The company has announced a dividend of Rs 0.25 a share.
According to a company statement, Chantati Varada Rajulu has expressed his inability to continue as a whole-time director from June 23, but he has consented to act as non-executive and non independent director. Accordingly, the board has approved his continuation as non-executive and non-independent director of the company with effect from June 24.
The ministry of environment, forest and climate change recently granted the environment clearance to NACL Multichem Private Limited, a wholly owned subsidiary, with respect to its proposed manufacturing facility at Ranastalam Mandal in Srikakulam district of Andhra Pradesh, the company said in a regulatory filing.
The clearance is for manufacturing of various agrochemicals, synthetic organic chemicals and fluorine based chemicals with a production capacity of 264.615 TPD and co-generation power plant (6MW), it added.
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