India's Balaji Amines surges on strong quarterly results, outlook

Balaji Amines

03/02/2022 05:15

** Shares of the Indian specialty chemicals maker  BAMN.NS 
rise as much as 10.1% to 3,714.75 rupees, their best intraday
pct gain since Oct 25
    ** Balaji Amines reported on Wednesday a 19.5% surge in
Dec-qtr profit, while revenue jumped 44%  urn:newsml:reuters.com:*:nFWN2UD0KT
    ** Earlier this week, the India govt in its union budget
reduced customs duty on methanol, a key raw material for Balaji
Amines
    ** Co said it expects an increase in capacity utilization
and volume offtake over the next fiscal year across its plants
in the coming quarters
    ** Expect to witness improved demand across product
portfolio as the dependability from western companies on Indian
pharma and agrochemicals industry increase - Managing Director
Ram Reddy 
    ** About 148,114 shares change hands vs 30-day avg of 88,656
    ** BAMN shares up 6% YTD while they gained 268% in 2021
    

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