Meghmani Finechem shares rose 2% after it commissioned a wind-solar hybrid power plant of 18.34 MW to move towards green energy.

With the government looking to decrease India’s carbon footprint by at least 45% by 2050 from the levels seen in 2005, Meghani’s initiatives will aid its long-term forecasts. The plant was commissioned through its special-purpose vehicle ReNew Green.

At 9.21 am, Meghmani Finechem shares were trading at Rs 1,130.55 on the NSE, up 1.4% from the previous close.
The stock gained nearly 34% in the three months, maintained by the resilient demand for speciality chemicals amid wide spreading China+1 sentiment.

In the January-March quarter, it reported a 22.57% YoY decline in net profit to Rs 76.73 crore. Revenue rose 12.73% YoY to Rs 562.18 crore in the same quarter.

Chairman and Managing Director Maulik Patel said that the company stabilises the EBITDA margin somewhere around 25-30% in FY24 and beyond.

The company is involved in trading agrochemical products, and its portfolio comprises caustic soda, caustic potash, chlorine, hydrogen, chloromethanes, and hydrogen peroxide.