Stock jumps 3% after GPCB allows company to reopen its manufacturing facility in Gujarat

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Stock jumps 3% after GPCB allows company to reopen its manufacturing facility in Gujarat
Credit: © Reuters.

The shares of the specialty chemicals manufacturer gained up to 3.2 percent after the Gujarat Pollution Control Board (‘GPCB’) revoked the closure order for the company’s manufacturing facility.

With a market capitalization of Rs 10,981.79 crore, the shares of Aether Industries (NS: AETH ) Ltd were trading at Rs 828.50 per share, increasing around 1.83 percent as compared to the previous closing price of Rs 813.65 apiece.

According to the company filing, Gujarat Pollution Control Board (‘GPCB’) revoked the closure order which was issued on account of a fire accident on November 29, 2023, for the Manufacturing Facility II of Aether Industries Ltd, hence approving the resumption of additional operations therein. The company will now commence operations for 75 percent capacity at Manufacturing Facility II.

Aether Industries Ltd’s revenue decreased by 36 percent from Rs. 183.78 crore in Q3FY24 to Rs. 117.53 crore in Q4FY24. Further, during the same time frame net profit decreased year on year from a profit of Rs. 37.56 crore to a loss of Rs.1.43 crore.

The execution of the company’s new 15MW solar power project with auto-tracker modules has started from the date of order and is scheduled to be completed in FY 2024-25, in phases with an initial commissioning of 5 MW in Q1FY25.

This order holds immense significance for the company, marking a significant leap forward in its unwavering commitment to sustainability. This will meet the energy requirement of the company’s manufacturing facilities by replacing conventional energy sources with renewable alternatives.

Aether Industries Limited is an India-based specialty chemical manufacturing company. The Company is focused on producing advanced intermediates and specialty chemicals involving differentiated chemistry and technology.

Written by:- Abhishek Singh

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