Standard Greases Buys Chemicals Stake

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Standard Greases Buys Chemicals Stake
At sunrise, Mumbai India, oil drilling rigs silhouette, Offshore platform (oil, gas, platform) at the port entrance. India’s Standard Greases and Specialties Pvt. Ltd. earlier this week acquired through shares purchased a stake in chemicals manufacturer Archit Organosys. Its chemicals include monochloroacetic acid and sodium monochloroacetate, which are used in the synthesis of products such as oil drilling chemicals. © fotopanorama360

India’s Standard Greases and Specialties Pvt. earlier this week purchased a stake in Archit Organosys, which produces organic chemicals, pigments, specialty derivatives, adhesives and sealants.

Bulk deal data on the Bombay Stock Exchange indicated that Standard acquired 100,000 shares in Archit Organosys on June 8 at an average price of Rs 46.99 per (U.S. 64 cents) share, and then 250,100 shares of the same company on June 9 at an average price of Rs 54.53 per share. According to a Business Standard report, the 100,000 shares on June 8 represented a 0.67% stake in Archit Organosys.

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According to Gurjarat-based Archit Orgnaosys’ website, the company has 24 years experience manufacturing monochloroacetic acid and sodium monochloroacetate, which are used in the synthesis of products such as oil drilling chemicals, agricultural chemicals, cosmetic surfactants and plastic additives. The company later entered into the adhesives and sealants segment.

In its most recent financial statement, Archit Organosys reported Rs 1.5 crore (Rs 15.1 million or U.S. $207,000) net profit for the quarter ending Dec. 31, improving from an Rs 0.6 crore net loss in the period in 2019. Its revenue from operations reached Rs 25.4 crore in the quarter, up 39% from Rs 18.3 crore.

Standard Greases, which is the largest private label grease manufacturer in India, makes standard automotive and industrial greases, customized products and customer formulated products. It also manufactures customized lubricants for automotive, commercial and industrial segments.