India: Kanoria Chemicals & Industries jumped by 4.80% to close at Rs 126.75 after the company revealed plans for the establishment of a brand-new 300 TPD capacity Formaldehyde plant in its existing facility at GIDC, Ankleshwar, Gujarat.

The new Formaldehyde plant will be equipped with the latest Metal Oxide-based technology, meeting the growing demand from different sectors such as engineering wood, textile, agrochemicals, and pharmaceuticals not only in the region but also in overseas markets.

Ranjeet Singh, CEO of Chemical Business, expressed his excitement that the new Formaldehyde manufacturing facility with its advanced technology will provide them with a sustainable advantage in the marketplace.

Kanoria Chemicals & Industries has three production sites at Ankleshwar in Gujarat, Visakhapatnam in Andhra Pradesh and Naidupeta in the same province. The company specializes in the manufacture of alco chemicals including Pentaerythritol, Formaldehyde and Hexamine. In addition, Kanoria Chemicals & Industries has a 5.0-megawatt solar power plant located in Jodhpur, Rajasthan.

In the quarter ended December 2022, the company reported a consolidated net loss of Rs 1.27 crore as compared to the net loss of Rs 10.82 crore reported in the previous quarter ended December 2021. However, sales grew by 19.03% to reach Rs 385.41 crore in the third quarter of FY23 over figures from the third quarter of FY22.