India's Sadhana Nitro Chem jumps on green hydrogen facility announcement

Sadhana Nitro Chem

04/12/2023 08:47

** Shares of Sadhana Nitro Chem  SADH.NS  up 7.8%; stock had
climbed as much as 10.8% earlier in the session
    ** Specialty chemicals maker says it will set up a green
hydrogen facility, based on a solar plant and wind farm, with a
capacity of 15-20 MW
    ** Separately, the board also approved rights issue of
shares up to 499.5 mln rupees ($6 mln) at 121 rupees, a ~36%
premium to SADH's last close 
    ** Over 5.1 mln shares change hands, 3.1x the 30-day moving
average
    ** Stock down 12% since its listing in May 
    
($1 = 83.3242 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))