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Chemical stock looks to drive profitability aided by govt initiative to promote industry, economic growth

The Ministry of Chemicals and Fertilizers in a statement said that the portal (charak.chemicals.gov.in) will facilitate the collection of statistics related to various aspects of the chemical sector, such as production, installed capacity, export, import, purchases and sales.

Nitin Kumar Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: October 15, 2023 12:58 IST
industrial machinery
Image Source : PEXELS Red and gray industrial machinery

The chemical and petrochemical industry can play a significant role in the country's economic growth. As the government works on transforming India into a global manufacturing hub, it recently announced the launch of a web portal that will provide statistical data related to the chemical sector.

The Ministry of Chemicals and Fertilizers in a statement said that the portal (charak.chemicals.gov.in) will facilitate the collection of statistics related to various aspects of the chemical sector, such as production, installed capacity, export, import, purchases and sales.

Besides, it will also help the industry to create a futuristic strategy which would be in sync with the global demands and the emerging requirements of aligned industries.

Notably, the domestic chemical industry is facing pressure due to global headwinds. As the industry struggles to recover from the lows, the objective of the portal is to elevate the value of chemical and petrochemical industries.

Amid rising initiatives to enable a support system for promoting the industry, commodity chemicals manufacturer Sadhna Nitro Chem has said that it is aiming a high growth trajectory with the guidance of enhanced profitability from new plant commercialisation.

Recently, it commissioned certain plants, which brought about increased depreciation and interest costs. "At present, the revenue generated from plants doesn't fully offset these costs. However, as volumes ramp up, it is anticipated that costs will be absorbed more effectively, paving the way for enhanced profitability," it said in a statement on BSE.

The equity shares of BSE SmallCap stock closed at Rs 83.46 in the last trading session with gains of 1 per cent. Its shares have given a multibagger return of 148 per cent in last two years, as per details available on BSE website.

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