Navin Fluorine International will hold a meeting of the Board of Directors of the Company on 25 January 2021.

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The capex will be undertaken by it's wholly owned subsidiary, Navin Fluorine Advanced Science (NFASL) at Dahej, Gujarat and will be funded through a mix of internal accruals and debt. The company said its new capacity is expected to come on stream during H1 of FY23 and will create opportunities for new products in life science and crop science sectors in the specialty chemicals business.

Commenting on the development, Radhesh Welling, MD of Navin Fluorine International said, “This investment will lay foundation for the next phase of growth of our Specialty Chemical business. It will help us enhance our product offerings and strengthen our customer relationships along with providing building blocks for future growth.”

Navin Fluorine International is one of the largest manufacturer of fluorochemicals in India. The company has four strategic business units: Refrigeration Gases, Inorganic Fluorides, Speciality Fluorides & Contract Research and Manufacturing Services (CRAMS).

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Navin Fluorine International has allotted 2440 equity shares on 16 December 2020 under ESOP.

With this allotment, the paid-up share capital of the Company has increased to ₹9,89,79,275/- consistingof 4,94,82,360 fully paid-up equity shares of face value of ₹ 2/- each and 14,555 partly paid equity sharesof face value ₹ 2/- each, on which ₹ 1/- per share paid-up (Out of these 14,555 shares, in-principle approvalfor listing of 5,635 shares upon conversion from partly paid to fully paid has been received; the Companyis in the process of obtaining corporate action approvals).

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The counter has gained 7.26% in five trading sessions from its previous closing low of Rs 2432 on 11 November 2020. The stock hit a record high of Rs 2,621 in intraday today. The counter is up 210% from its 52-week low of Rs 840.25 hit on 2 December 2019.

On BSE, 77,000 shares were traded so far as compared to a 2-week daily average of 9,518 shares. The stock has outperformed the market over the past one month, up 27.35% compared with 8.71% rise in the Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 72.13. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 2171.14 and 2024.56 respectively. These levels will act as crucial support zones in near term.

The chemical maker posted a 43% jump in consolidated net profit to Rs 67.81 crore in Q2 September 2020 from Rs 47.34 crore in Q2 September 2019. Consolidated net sales for Q2 September 2020 stood at Rs 318.92 crore, rising 17% from Rs 272.94 crore in Q2 September 2019.

Operating EBITDA grew 33% to Rs 90.7 crore in Q2 September 2020 over Q2 September 2019. EBITDA margin improved to 28.4% in Q2 September 2020 from 25% in Q2 September 2019.

Navin Fluorine International is one of the manufacturers of speciality fluorochemicals.

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