Shares of NACL Industries rose 7% in early trade on March 16 after the wholly-owned subsidiary of NACL Industries received approval from the environment ministry.

The Ministry of Environment, Forests and Climate Change have granted M/s Environmental Permission. According to a regulatory filing, its wholly-owned subsidiary NACL Multichem Private Limited, intends to set up a manufacturing facility at Ranastalam Mandal, Srikakulam district, Andhra Pradesh.

The above license is to produce various agrochemicals, synthetic organic chemicals and fluorine-based chemicals with a production capacity of 264.615 TPD and a combined heat and power plant (6 MW).

For the quarter that ended December 2022, NACL Industries reported total revenue of Rs 486.63 crore, up 20% year-on-year.

Its profit after tax (PAT) was Rs 16 crore during the period under review, up from Rs 15.47 crore.

At 9:26 am, NACL Industries was trading Rs 84.80 per share on the BSE, up Rs 2.10, or 2.54%.

The stock hit a 52-week high of Rs 110.80 and a 52-week low of Rs 70 on January 2, 2023, and May 30, 2022, respectively.

Currently, it is trading 23.47% below its 52-week high and 21.14% above its 52-week low.