After the factory shutdown in Europe was extended, Camlin Fine shares fell 3%

After the factory shutdown in Europe was extended, Camlin Fine shares fell 3%

According to the firm, the shutdown will stay in place until conditions sufficiently improve for the factory to resume operations.

On November 1, the company's share price of Camlin Fine Sciences had an intraday decline of more than 3 percent due to the temporary suspension of a subsidiary factory.

The Diphenol Plant of Camlin Fine Sciences' fully owned subsidiary, CFS Europe SPA, in Ravenna, Italy, is now closed temporarily. This shutdown will likely last longer due to the difficult macroeconomic conditions in Europe, as well as poor industry demand and cheap price.

According to the firm, the shutdown will stay in place until conditions sufficiently improve for the factory to resume operations. The factory will be temporarily shuttered from August 16 to September 15, according to a statement from the firm previously.

Diphenol is the source of chemicals such as catechol and hydroquinone. These substances find use in printing inks, petrochemicals, agrochemicals, medicines, dyes, and pigments as well as electroplating.

The company's Board of Directors will review and approve the standalone and consolidated unaudited financial statements for the quarter and half-year through September 30, 2023, at a meeting set for November 6.

The firm reported a 164 percent year-over-year increase in net profit at Rs 15.55 crore for the quarter that ended in June 2023.