Navin Fluorine gains on receiving nod for Rs 115 crore capital expenditure

22 Dec 2017

Navin Fluorine International is currently trading at Rs. 795.00, up by 19.15 points or 2.47% from its previous closing of Rs. 775.85 on the BSE.

The scrip opened at Rs. 794.65 and has touched a high and low of Rs. 806.15 and Rs. 794.65 respectively.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 806.15 on 22-Dec-2017 and a 52 week low of Rs. 472.00 on 26-Dec-2016.

Last one week high and low of the scrip stood at Rs. 806.15 and Rs. 683.00 respectively. The current market cap of the company is Rs. 3,955.54 crore.

The promoters holding in the company stood at 32.02%, while Institutions and Non-Institutions held 33.98% and 34.00% respectively.

Navin Fluorine International has received an approval for capital expenditure of Rs 115 crore towards creating additional cGMP capacity and associated infrastructure at its Dewas facilities. The expanded capacity will be utilized for the company’s expanding contract manufacturing activity for the value added complex chemicals and fluoro intermediates manufactured for innovator pharma companies across the globe. The board of directors at its meeting held on December 21, 2017 approved for the same.

The investment in expansion of the capacity is based on customer enquiries and discussions and in anticipation of future research pipeline of innovators. The new capacity addition will be similar to the company’s existing multi product plant configuration with multistage batch and products processing capabilities. The new capacity is expected to come on stream by June 2019. The capital investment of Rs 115 crore will be funded through a combination of internal accruals and debt.

Navin Fluorine International is engaged in the chemicals business. The company focuses on fluorine chemistry, producing refrigeration gases, some basic building block fluorides and specialty organofluorines.


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