Sadhana Nitro Chem Limited updates on Para Amino Phenol (PAP) plant

Sadhana Nitro Chem Limited ("the Company") had earlier announced that the newly constructed PAP plant will go live in two phases i.e. the first phase of the plant will go live in the month of April, 2021 and the second phase will go live in the month of May, 2021.

In continuation of the above-mentioned disclosure regarding the Government PLI Scheme, the High Court of Mumbai has ruled in favour of Sadhana Nitro Chem in the writ petition that it filed against Cibil Transunion.

As a result of the successful resolution of the writ petition, the company has received approval letter No. IFCI/CASD/DoP/PLI-210512004 dated May 12, 2021 approving the application under Production Linked Incentive (PLI) Scheme from IFCI Limited, (Government of India Undertaking), New Delhi, on behalf of the Department of Pharmaceuticals for the production of Para Amino Phenol (PAP) and is under the segment Key Chemical Synthesis Based KSMs/Drug Intermediates.

Additionally, due to the present pandemic situation, while the installation of the plant continues to be ongoing, there have been resultant delays pushing the commercial launch date. The first phase of the plant is expected to go live in July, 2021 and second phase in August, 2021.

Shares of SADHANA NITROCHEM LTD. was last trading in BSE at Rs.46.35 as compared to the previous close of Rs. 44.15. The total number of shares traded during the day was 1570417 in over 1418 trades.

The stock hit an intraday high of Rs. 46.35 and intraday low of 41.95. The net turnover during the day was Rs. 72198629.

Source : Equity Bulls

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