Indian amine makers surge as govt cuts duty on raw materials

Alkyl Amines Chemicals

02/02/2022 07:49

** Shares of specialty chemical companies Alkyl Amines
 ALKY.NS  and Balaji Amines  BAMN.NS  rise as much as 7.8% and
6.9% 
    ** India on Tuesday reduced customs duty on methanol and
acetic acid in its union budget 
    ** ALKY and BAMN use methanol and acetic acid as raw
materials for their products, which are used in agro and pharma
industries
    ** Balaji Amines uses methanol as one of its key raw
material and the reduction in custom duty is likely to benefit
the stock - HEM Securities said in a note
    ** About 62,000 and 84,350 ALKY and BAMN stocks,
respectively, change hands, nearly the volume of their 30-day
avg
    ** ALKY and BAMN shares gained 132% and 268%, respectively,
in 2021 and are up marginally so far this year

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))