Godrej Industries announced its results for the quarter and financial year ended 31 March 2020. Chemicals & Crop protection Segments Q4 Results: GIL’s net profit from the chemicals segment saw a decline by 1% to Rs 37.93 crore ($5.0 million) in the fourth quarter as against Rs 38.37 crore ($5.1 million) in the prior year … Read more
Saint-Gobain announced the completion of sale of its stake in Sika held by its subsidiary Schenker-Winkler Holding AG, netting it 1.54 billion euros ($1.69 billion). Saint-Gobain acquired its 10.75% stake in Sika as part of a global agreement with Sika and the Burkard family in May 2018. The Sika shares were held as an equity … Read more
Chambal Fertilisers and Chemicals announced its results for the quarter and financial year ended 31 March 2020. The chemicals & fertilizers maker reported a 121.73% jump in standalone net profit to Rs 203.70 crore ($26.9 million) in the quarter ended March 2020 as against Rs 91.87 crore ($12.1 million) during the pre-vious quarter ended March … Read more
Lotte Chemical has invested 161.7 billion won ($132 million) to acquire a 4.46% stake in Japanese chemical company Showa Denko, according to a Business Korea report. The move is seen as reflecting Lotte Group chairman Shin Dong-bin’s intention to take over Japanese chemical companies with strong technologies. Lotte Chemical bought Showa Denko shares in March … Read more
Satia Industries Limited, an Indian paper manufacturer announced it plans to build a 42,000 metric ton per year satellite precipitated calcium carbonate (PCC) plant at its paper mill in Sri Muktsar Sahib, Punjab District, India. The company has signed an agreement with Minerals Technologies Inc., a global mineral technology provider, to build and operate the … Read more
Gujarat Heavy Chemicals Ltd (GHCL) reported a 28.94% decline in consolidated net profit to Rs 84.86 crore ($11.2 million) in the fourth quarter ended March 31, on weak sales. The company had posted a consolidated net profit of Rs 119.43 crore ($15.7 million) in the prior year quarter, GHCL said in a regulatory filing. Revenue … Read more
CNOOC Oil & Petrochemicals Co. Ltd (CNOOC), Shell Nanhai B.V (Shell) and the Huizhou Government announced a strategic cooperation agreement to further expand the CNOOC and Shell Petrochemical Company (CSPC) 50:50 joint venture in Huizhou, Guangdong Province, China. CSPC’s phase three petrochemical complex will include a 1.5 million metric ton per year ethylene cracker, as … Read more
Indian Potash Limited (IPL), India’s major importer of fertilizers has signed potash import agreements with Belarusian Potash Company (BPC) and ICL to meet the growing agriculture demand after the country has eased lockdown measures. Indian Potash Limited (IPL) signed import tender with Belarusian Potash Company to supply potash fertilizers to India. The fertilizers will be … Read more
Paushak Ltd. has announced fall in net profit for its fourth quarter and full-year ended 31 March on weak sales due to the impact of COVID-19 pandemic. The company’s standalone net profit slumped 34.3% to Rs 6.37 crore ($0.84 million) in fourth quarter 2019-20 compared to prior year quarter’s Rs 383 crore ($1.3 million). Revenue … Read more
India to consider imposing a 15% “Covid-19” import tax on chemicals to help protect its domestic industry from major exporting nations in East and SE Asia. The domestic industry has been badly affected by a major demand slump as a result of nationwide coronavirus lockdown. The new tax, which would be in effect from 1st May … Read more
Tata Chemicals Ltd. has announced fall in net profit for its fourth quarter and full-year ended 31 March. The company’s consolidated net profit slumped 48% to Rs 197.56 crore ($26.1 million) in fourth quarter 2019-20 compared to prior year quarter’s Rs 383 crore ($50.6 million). Revenue from operations declined 7% to Rs 2,378.09 crore ($314.3 … Read more
Clariant India said it has been making sanitiser solutions from its facilities in India. Clariant’s sites across Roha (Maharashtra); Bonthapally (Telangana); Rania, Vadodara and Cuddalore (Tamil Nadu) are commited to supply the necessary products that are required for the healthcare facilities, the company said in a statement. Clariant’s site in Cuddalore has produced a total … Read more
Air Products announced on Thursday it has signed a definitive agreement for a long-term on-site contract for a world-scale coal-to-methanol production facility in Bengalon, East Kalimantan, Indonesia. Under the long-term on-site contract, PT. Bakrie Capital Indonesia, part of the Bakrie Group, and PT. Ithaca Resources, part of the PT. AP Investment, will supply the coal … Read more
Tata Chemicals Ltd. resume operations at its manufacturing facilities located at Andhra Pradesh and Tamil Nadu as authorities issue lockdown exemptions for manufacturing operations. The company informed the exchanges on Monday that it is ensuring compliance with the directives issued by the authorities in this regard and is continuing to take various measures to ensure … Read more
Gulf Cooperation Council (GCC) mono ethylene glycol (MEG) imports into India may be severely hurt as a result of an ongoing anti-dumping investigation targeting imports from Oman, Saudi Arabia, Kuwait & UAE, according to the Gulf Petrochemicals and Chemicals Association (GPCA). According to GPCA analysis, the inconsistent investigative practices by Indian authorities on anti-dumping regulations … Read more
Reliance Industries Ltd. is considering selling its stake in India’s largest paint maker valued at about $989 million as the conglomerate steps up efforts to trim its debt, said a report by Bloomberg. RIL is in discussions with banks for a potential sale of its 4.9% stake in Asian Paints Ltd. through a series of … Read more
Indian Oil Corporation (IndianOil) has re-started several process units at its refineries that were down due to the lockdown. After the lockdown came into force in March, the state-run refiner cut its overall run rate by 30% to adjust operations due to a slump in demand. At some refineries, throughput levels were brought down to … Read more
DIC Corporation has acquired liquid inks for the packaging business from Liaoning Tianqi Technology, a manufacturer of liquid inks for packaging for the food and beverage industry based in China. The acquired company name will be DIC Graphics (Shenyang) Ltd. Financial terms of the deal were not disclosed. The acquisition is part of DIC’s efforts … Read more
Tata Chemicals Ltd’s subsidiary Rallis India has transformed its chemical units at Akola and Ankleshwar and has produced and supplied 75,300 liters of hand sanitizer across Maharashtra, Gujarat, Telangana and Karnataka to meet the increased requirement of hand sanitizer. Rallis India has also manufactured and supplied more than 1.1 million liters of disinfectant to Gujarat … Read more
A gas leak at LG Polymers India Pvt Ltd polymer plant at Visakhapatnam, India left at least eight dead and about 800 people sick. The incident took place on 7 May at around 02:30 am IST. The gas reportedly started leaking when the workers were preparing to reopen the plant today post lockdown. The gas … Read more