Balaji Amines hits record high as expansion project granted 'mega' status

Shares of Balaji Amines climbed as much as 6 per cent and scaled a record high of Rs 674.45 in early trade after the company on Monday said that the Department of Industries, Energy and Labour, Mantralya, Mumbai has conferred mega project status to its expansion project.

The scrip was trading 3.75 per cent up at Rs 656.35 around 10 am (IST). Shares of the company opened at Rs 640 and touched a high and low of Rs 674.45 and Rs 636, respectively, in trade so far. Benchmark BSE Sensex was trading 140 points, or 0.43 per cent, down at 32,723.60 at around the same time.

In a BSE filing Balaji Amines said, “The Department of Industries, Energy and Labour, Mantralya, Mumbai has conferred 'Mega Project' status to the expansion project being under taken by the company at an project outlay of Rs 296 crore at MIDC Chincholi, Solapur, Maharashtra. The status of mega project entitles the company to various incentives, subject to compliance of conditions of Package Scheme Incentives (PSI) 2013.”

Balaji Amines makes methylamines, ethylamines, derivatives of specialty chemicals and natural products.

On the BSE, 57,000 shares were traded on the counter so far as against average daily volumes of 39,000 shares in the past two weeks.

The stock had hit a 52-week low of Rs 271.10 on August 11, 2017.