SRF remains in action
SRF has been in the limelight for the past couple of days. The stocks hit a new high on 28th March at Rs.361.60, and then on 31st March again at Rs.371 and then yesterday at Rs.372.80. Today, though it has not hit a high, it remains strongly in the green, up 2.5% at Rs.355.
The stock remains in the limelight after the company announced yesterday post market closure that it has commissioned and capitalized the following projects: Captive-Power-Plant (15 MW), HFC-134a/125 plant (12500 TPA), AHF-Plant (20000 TPA), Specialty Chemical Plant (800 TPA) and Specialty chemicals Plant for agrochemical industry (500 TPA).
Financially, Q3 was troubled. The company, engaged in the manufacture of chemical based industrial intermediates, reported a 19% decline in net profit after tax (PAT) at Rs. 72 crore for Q3FY14 mainly because of the decline in revenue, which was affected due to discontinuation of sale of CERs, in view of changes in European Union - Emission Trading Scheme (EU-ETS). The profit for third quarter also included a forex gain of Rs. 6.39 crore. Its revenue was down 3% at Rs.862 crore.