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Stock Report
DCM Shriram Chemicals announces entry into the business of Advanced Material, including Epoxy
Posted On : 2024-02-27 13:57:31( TIMEZONE : IST )
The Board of directors of DCM Shriram Ltd, at their board meeting held today in New Delhi, accorded an in-principle approval for the entry of its Chemicals business into the domain of "Advanced Materials" by investing into Epoxy and value added products. The company is planning to invest INR 1000 crores over the next few years to set up a greenfield state-of-the-art epoxy manufacturing plant. It may be noted that the company's Epichlorohydrin (ECH) plant in Jhagadia, Gujarat is in final stages of completion and is expected to be commissioned in Q1 of 2024-25. Over 80% of ECH produced globally is used in the manufacture of Epoxy.
Commenting on the announcement, Mr Ajay Shriram, Chairman & Senior Managing Director and Mr Vikram Shriram, Vice Chairman and Managing Director, of DCM Shriram Ltd, said in a joint statement, "We are bullish about the overall prospects of the Chemicals Business and this entry into the Advanced Materials space. We already have some of the key raw materials like ECH and caustic in our porƞolio which paves a logical way forward into the epoxy and value added products.
The entire portfolio of Advanced Materials products including liquid epoxy resins, hardeners, solvent cuts, reactive diluents and formulated resins are finding increasing applications in sectors such as wind-blades, EVs, aeronautics, electronics, fire-proofing and light-weighting industries and India is poised to emerge as a market of choice, both for domestic and global consumption, of such products.
DCM Shriram Ltd will conƟnue to remain alert to opportunities arising in the adjacencies of its core-chemicals business and look to participate whole-heartedly in the India growth story".
Shares of DCM Shriram Limited was last trading in BSE at Rs. 979.05 as compared to the previous close of Rs. 995.20. The total number of shares traded during the day was 598 in over 90 trades.
The stock hit an intraday high of Rs. 999.15 and intraday low of 973.95. The net turnover during the day was Rs. 588967.00.
