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Gujarat Alkalies shares surge over 4% on pact with Chematur Engineering, Sweden

Gujarat Alkalies & Chemicals shares gained as much as 4.65 per cent in the noon trade after it informed bourses that the company has signed agreements with Chematur Engineering AB, Sweden

By: | New Delhi | Updated: September 19, 2016 5:05 PM
BSE Sensex NSE Nifty Gujarat Alkalies & Chemicals shares gained as much as 4.65 per cent in the noon trade after it informed bourses that the company has signed agreements with Chematur Engineering AB, Sweden

Gujarat Alkalies & Chemicals shares gained as much as 4.65 per cent in the noon trade after it informed bourses that the company has signed agreements with Chematur Engineering AB, Sweden for procuring technology, know-how, basic engineering services with IBI Chematur (Engineering & Consultancy) Ltd, India for procuring detailed engineering and project management services for the establishment of 14,000 mtpa Hydrogen Peroxide Plant at Dahej. The plant is expected to be operational by the first quarter of the financial year 2018-19.

At 12.29 pm, shares of the company were trading 1.91 per cent up at Rs 331. The scrip opened the day at Rs 325.05 and has touched a high and low of Rs 339.90 and Rs 320.80, respectively, in trade so far. Later, the scrip ended 1.05 per cent up at Rs 328.20.

For the quarter ended June 30, 2016, the company reported a net profit of Rs 86.26 crore, up 95.11 per cent, against Rs 44.21 crore in the same quarter a year ago. Net sales of Gujarat Alkalies advanced by 9.06 per cent year-on-year to Rs 515.38 crore for the quarter under review against Rs 472.56 crore in the same quarter a year ago. Operating profit of the company grew 67.88 per cent year-on-year to Rs 141.67 crore. Total expenditure of the company slipped to Rs 389.17 crore from Rs 403.27 crore during the same period.

In the past one year, shares of the company have risen 102 per cent to Rs 324.80 till September 16, 2016, whereas BSE Sensex gained 10.15 per cent during the same period.

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