Balaji Amines shares slumped over 15% on Monday following resignation of Chief Financial Officer (CFO), Hemanth Reddy Gaddam on Saturday. Balaji Amines share price opened at ₹1960.10 apiece on BSE. The stock touched a new 52-week low today at ₹1872.90.
Balaji Amines shares slumped over 15% on Monday following resignation of Chief Financial Officer (CFO), Hemanth Reddy Gaddam on Saturday. Balaji Amines share price opened at ₹1960.10 apiece on BSE. The stock touched a new 52-week low today at ₹1872.90.
The full-time director and CFO has resigned to focus on subsidiary company, Balaji Speciality Chemicals Ltd, said the company in an exchange filing.
The full-time director and CFO has resigned to focus on subsidiary company, Balaji Speciality Chemicals Ltd, said the company in an exchange filing.
Furthermore, the company announced that independent directors Naveena Thammishetty Chandra, Kashinath Revappa Dhole, Satyanarayana Murthy Chavali, Amarender Reddy Minupuri, and Vimala Behram Madon have resigned.
Furthermore, the company announced that independent directors Naveena Thammishetty Chandra, Kashinath Revappa Dhole, Satyanarayana Murthy Chavali, Amarender Reddy Minupuri, and Vimala Behram Madon have resigned.
“We further confirm that there is no other material reason for resignation of Directors other than those mentioned in their resignation letters, and the same is enclosed,” it said.
“We further confirm that there is no other material reason for resignation of Directors other than those mentioned in their resignation letters, and the same is enclosed,” it said.
One of the independent directors, Satyanarayana Murthy Chavali, told CNBC-TV18 that all of the independent directors had only resigned because of SEBI regulations, which require an independent director to step down after serving for 10 years.
One of the independent directors, Satyanarayana Murthy Chavali, told CNBC-TV18 that all of the independent directors had only resigned because of SEBI regulations, which require an independent director to step down after serving for 10 years.
Additionally, he stated that no further resignations were expected and that he would be happy to be reappointed after a three-year period.
Additionally, he stated that no further resignations were expected and that he would be happy to be reappointed after a three-year period.
On the technical front, the stock price has fallen 31.8% and underperformed its sector by 37.3% in the past year.
On the technical front, the stock price has fallen 31.8% and underperformed its sector by 37.3% in the past year.
“The stock is witnessing a strong gap down backed with volumes. Currently, it is holding its March swing low of 1930, if broken further weakness would be seen, on flip side 2200 is immediate resistance,” said Rajesh Bhosale – Equity Technical and Derivative Analyst, Angel One.
“The stock is witnessing a strong gap down backed with volumes. Currently, it is holding its March swing low of 1930, if broken further weakness would be seen, on flip side 2200 is immediate resistance,” said Rajesh Bhosale – Equity Technical and Derivative Analyst, Angel One.
The company is a mid-size speciality chemical manufacturer, and at Friday’s closing, its market cap was ₹7,471.99 crore. It was established in 1988 and since then has become one of India’s leading producers of aliphatic amines, specialising in the synthesis of methylamines, ethylamines, specialty chemical derivatives, and pharmaceutical excipients.
The company is a mid-size speciality chemical manufacturer, and at Friday’s closing, its market cap was ₹7,471.99 crore. It was established in 1988 and since then has become one of India’s leading producers of aliphatic amines, specialising in the synthesis of methylamines, ethylamines, specialty chemical derivatives, and pharmaceutical excipients.
The firm has announced its Q4FY23 results, as well as a 500% dividend for eligible stockholders.
The firm has announced its Q4FY23 results, as well as a 500% dividend for eligible stockholders.
The company reported consolidated revenue of ₹471.39 Cr in Q4FY23, a decline of 39.60% YoY from Q4FY22. Its net income for the three months ended March 2023 was ₹476.90 crore, down from ₹785.41 crore for the three months ended March 2022.
The company reported consolidated revenue of ₹471.39 Cr in Q4FY23, a decline of 39.60% YoY from Q4FY22. Its net income for the three months ended March 2023 was ₹476.90 crore, down from ₹785.41 crore for the three months ended March 2022.
