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Kanoria Chemicals & Industries Ltd has proposed 30 per cent dividend for FY2012 against 100 per cent in FY2011. The company reported a standalone net profit of Rs 305.62 crore for the whole year against Rs 16.98 crore in the previous fiscal. The jump in net profit follows the sale of its chloro chemicals division. The deal was concluded in May 2011 and the company recognised a profit of Rs 357.97 crore on this account.
Kanoria Chemicals also said it has a commitment to buy up its remaining 10 per cent stake in APAG Holding AG of Switzerland by June 30, 2014. This follows the acquisition of 90 per cent of the stake early this month.
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