Buy back to buoy Kanoria Chemicals

The stock of Kanoria Chemicals will be on buyers’ radar this week as the company board is meeting on August 9 to consider a buyback proposal. Kanoria Chemicals board will also declare the June quarter financial performance on Thursday. The company, which manufactures alcohol and alcohol based intermediates, formaldehyde and hexamine, reported a profit of Rs 357.97 crore last fiscal by selling its chloro-chemicals division to Aditya Birla Chemicals (India) Ltd. Thanks to this, the profit rose to Rs 305.64 crore for the year ended March 31, 2012. Total sales stood at Rs 311 crore. The buyback window is currently on for 18 companies including Reliance Industries, United Phosphorus and Zee Entertainment. The Rs 5 stock closed at Rs 32.30 on the BSE on Friday.