Kanoria Chemicals advances on plans to set up solar power plant

Kanoria Chemicals is currently trading at Rs. 34.85, up by 0.10 points or 0.29% from its previous closing of Rs. 34.75 on the BSE.

The scrip opened at Rs. 35.85 and has touched a high and low of Rs. 35.90 and Rs. 34.05 respectively. So far 6296 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 65.40 on 21-Apr-2011 and a 52 week low of Rs. 25.25 on 15-Mar-2011.

Last one week high and low of the scrip stood at Rs. 37.45 and Rs. 34.05 respectively. The current market cap of the company is Rs. 195.63 crore.

The promoters holding in the company stood at 57.05% while Institutions and Non-Institutions held 18.82% and 24.13% respectively. 

Kanoria Chemicals & Industries is considering setting up a solar power plant, with an initial capacity of 3-5 MW.  The company for this will entail an investment outlay of around Rs 50 crore.

Recently, Kanoria Chemicals & Industries had informed that the transaction of sale of the company's chloro chemicals division to Aditya Birla Chemicals (India) had been closed and completed on May 23, 2011 and the company had received consideration of Rs 830 crore. Consequent to the closing of the sale, the company's chloro chemicals division stands transferred to ABCIL.

Kanoria Chemicals is engaged in the manufacture and sale of chemical intermediates in India. It offers chlor-alkalis, chlorine derivatives, and water treatment chemicals, as well as alcohol-based intermediates.