Shares of Balaji Amines plunged to a new 52-week low at Rs 1,998.95 apiece on BSE in intraday trade on Thursday extending the fall for the fifth straight session. The stock traded 2.64 percent lower at Rs 2,004.25 per piece on the BSE at 2:40 pm.
The specialty chemicals major’s stock has declined 33 percent in the past one year and over 30 percent in the last three months.
Balaji Amines Ltd. is engaged in manufacturing and supplying specialty chemicals. The Solapur-based company manufactures methylamines, ethylamines, derivatives of specialty chemicals, and natural products.
Apart from Balaji Amines, the shares of the leading firms in the specialty chemicals segment also remained under pressure in a weak market on Thursday. Shares of Aarti Industries hit a fresh 52-week low at Rs 508 apiece, Atul Ltd also plunged to a new 52-week low at Rs 6,745.65 apiece while Alkyl Amines Chemicals also dropped to the same level at Rs 2,309 per share. Shares of Vinati Organics also declined to a new 52-week low at Rs 1,770 per share.
Last week, Balaji Amines announced receiving an environmental clearance from the Central government for the proposed expansion of its manufacturing unit in Solapur, Maharashtra.
In the quarter ended on December 31, 2022, Balaji Amines posted a consolidated net profit of Rs 62.57 crore, falling by 30.13 percent from Rs 89.56 crore reported in the same quarter last year.
Its net sales in the December quarter rose by 3.73 percent to Rs 585.95 crore, compared to Rs 564.9 crore in the corresponding period of last year.
Balaji Amines’ earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 130.3 crore in the December 2022 quarter was 18.4 percent lower than Rs 159.67 crore observed in the year-ago period.
