Heranba Industries, which opened over 1.5% higher at Rs.714, going on to hit an intraday high at Rs.742.20, going up over 5.5%.
The stock is up as it has received Environmental Clearance from Ministry of Environment, Forest and Climate Change of Government of India, for expansion of Pesticides Intermediates, Fungicides, Herbicides, Insecticides manufacturing at its Sarigam, Gujarat plant.
Heranba has an existing land parcel measuring 55,000 sq.mt. at Sarigam and no additional land will be required for the proposed expansion.
The company has developed greenbelt in area of 5,500 sqm and will develop greenbelt in an area of 12,650 sqm covering 33% of the project area. This expansion plan will entail setting up an additional manufacturing capacity of 24,900 TPA for manufacturing of Insecticides, Fungicides, Herbicides and Pesticides Intermediates. The estimated cost for this expansion is Rs. 110 crore which includes an existing investment of Rs. 20 crore.