Navin Fluorine International - Company Update - ICICI Direct
Posted On: 2020-12-17 21:57:44 (Time Zone: Arizona, USA)
Navin Fluorine has outlined capital expenditure for setting up a multi-purpose plant (MPP) with an outlay of Rs. 195 crore. The capex will be undertaken by its wholly owned subsidiary, Navin Fluorine Advanced Sciences Ltd at Dahej, Gujarat. The new capacity is expected to come on stream during H1FY23 and will create opportunities for new products in life science and crop science sectors in the specialty chemicals business. The company has already identified potential 12 new products of which five are going to be commercialised initially, which find application in crop protection. This new capacity would retain a mix of 50:50 among life science and crop protection in the long run. The management expects better margins for this new venture with an asset turn of 1.35-1.45x.
Basic materials stocks were trading in the positive zone, with the S&P BSE Basic Materials index rising 25.9 points or 0.76% at 3428.16 at 09:48 IST. Among the components of the S&P BSE Basic Materials index, Hindustan Copper Ltd (up 9.28%), Tamil Nadu Petro Products Ltd (up 6.21%),Orient Cement Ltd (up 3.84%),National Peroxide Ltd (up 3.52%),Navin Fluorine International Limited (up 3.3%), were the top gainers. Among the other gainers were Manali Petrochemicals Ltd (up 3%), Century Textiles & Industries Ltd (up 2.99%), NCL Industries Ltd (up 2.58%), Phillips Carbon Black Ltd (up 2.53%), and Chambal Fertilisers & Chemicals Ltd (up 2.44%). On the other hand, Greenpanel Industries Ltd (down 2.76%), Ruchira Papers Ltd (down 1.53%), and Everest Industries Ltd (down 1.13%) moved lower.