Southern Magnesium & Chemicals Share Price

Incorporated in February 1985, Southern Magnesium Chemicals Limited (SMCL) is promoted by N B Prasad and N Ravi Prasad. The Company had set up a project at Gowripatnam, Andhra Pradesh, to manufacture Magnesium Metal, in a joint venture with the Andhra Pradesh Industrial Development Corporation. The Company currently produces magnesium turnings, chips, granules, powders and magnesium pieces by supplying them to various industries in terms of customer specification. The Company acquired a pilot plant set up the National Metallurgical Laboratory for the manufacture of magnesium by Pidgeon process with a capacity of 200 tons per annum,. The company then carried out necessary alterations, modifications, additions and enhanced the capacity to 600 tons per annum. Commercial production commenced in 1990.SMCL came out with a public issue in Dec.93 to diversify into the production of various down stream products like magnesium granules, magnesium powder, magnesium alloy and magnesium extrusion.In 199495, the company had set up a magnesium metal plant in Bahrain, an overseas client. In 199596, two new reduction furnaces were commissioned and a third was commissioned on Nov.96/Dec.96.The company commissioned Gas based generating sets in Dec, 1997 and also set up a carbondioxide plant. It has further set up a pilot plant for production of magnesium carbonate from calcined dolomite and carbondioxide, both of which are already available at its plant site, to strengthen its activities.Due to unfavourable market conditions, the Company stopped Magnesium Metal Production and currently manufactures Magnesium Chips, Turnings, Granules and Powders in 2012.The Company has changed its main objects in FY 201920, by diversifying the business into production of various downstream products like magnesium granules, magnesium powder, magnesium alloy and magnesium extrusion.