The announcement was made after market hours on Friday, 15 June 2018.

Meanwhile, the S&P BSE Sensex was down 77.41 points or 0.22% at 35,544.73.

On BSE, so far 17,000 shares were traded in the counter as against average daily volume of 5,720 shares in the past two weeks. The stock hit a high of Rs 73.35 and a low of Rs 70.45 so far during the day. The stock had hit a record high of Rs 112.50 on 10 January 2018. The stock had hit a 52-week low of Rs 60.50 on 6 June 2018.

The small-cap company has equity capital of Rs 21.85 crore. Face value per share is Rs 5.

Kanoria Chemicals & Industries said that the company is setting up a Formaldehyde plant with a capacity of 1 lakh tonne per annum at Naidupeta, District Nellore in Andhra Pradesh. The company has received the Environmental Clearance for the same from the Ministry of Environment, Forests & Climate Change, Government of India.

Kanoria Chemicals & Industries' net profit dropped 99.26% to Rs 0.04 crore on 2.73% rise in net sales to Rs 93.06 crore in Q4 March 2018 over Q4 March 2017.

Kanoria Chemicals & Industries is a manufacturer of chemical intermediates. Apart from chemicals, it has diversified business interests including automotive and industrial electronics, renewable energy and textiles.

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Kanoria Chemicals & Industries is setting up a Formaldehyde plant with a capacity of 1,00,000 TPA at Naidupeta, District Nellore in the State of Andhra Pradesh. The Company has received the Environmental Clearance for the same from the Ministry of Environment, Forests & Climate Change, Government of India.

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Net profit of Kanoria Chemicals & Industries declined 99.26% to Rs 0.04 crore in the quarter ended March 2018 as against Rs 5.44 crore during the previous quarter ended March 2017. Sales rose 2.73% to Rs 93.06 crore in the quarter ended March 2018 as against Rs 90.59 crore during the previous quarter ended March 2017.

For the full year,net profit declined 70.09% to Rs 5.60 crore in the year ended March 2018 as against Rs 18.72 crore during the previous year ended March 2017. Sales rose 14.57% to Rs 338.75 crore in the year ended March 2018 as against Rs 295.66 crore during the previous year ended March 2017.

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Kanoria Chemicals & Industries announced the appointment of Sidharth Kumar Birla as an Independent Director of the Company with effect from 18 May 2018.

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