Home / Markets / Stock Markets /  Chemical stock rallies 20% after environment clearance for production in Maharashtra
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Shares of Indo Amines Ltd rallied about 20% to 120 apiece on the BSE in Thursday's trading session after the company informed the exchanges that it has received an environment clearance for the expansion for chemical production at its manufacturing plants situated in Thane and Dhule in Maharashtra.

"We are pleased to inform you that, the Company has received an Environment Clearance for Expansion of “Synthetic Organic Chemical" for its Manufacturing Plants situated at Plot No. A-35/1, MIDC, Badlapur, Tal. Ambernath, Dist. Thane and Plot No. J-5, MIDC Avdhan Taluka, Dist. Dhule, Maharashtra," the chemical manufacturing company announced in a BSE filing on Wednesday.

Indo Amines is a chemical manufacturing company, committed with expertise in Fine Chemicals, Specialty Chemicals, Performance Chemicals, Perfumery Chemicals and Active Pharmaceuticals Ingredients (APIs). Headquartered in Mumbai, the company was incorporated in 1992 and produces a wide range of fatty amines and amine derivatives for usage in a variety of industries. Indo Amines shares are up about 5% since its listing in April this year.

For the first quarter ending June 2022 (Q1 FY23), the company's consolidated Profit after tax (PAT) increased by 19% from the year-ago quarter whereas its revenue from operations registered a growth of around 46%.

Commenting on the result, Rahul Palkar, Joint Managing Director, Indo Amines, said, "In the current year, we have maintained our growth trajectory and enhanced our EBITDA margins. We have also contributed significantly to the global ESG and sustainability movement and shown climate consciousness. Strategic partnerships and our advanced capabilities put us in a good position to sustain growth, add value to our clients, and maximize shareholder value."

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