Shares of chemical manufacturer Asahi Songwon Colors Ltd. slumped five percent on Friday after the company announced that it has finalised the agreement for the sale of a land parcel in Gujarat for Rs 47 crore.

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The agreement has been finalised for the sale of land measuring 1.15 lakh square metres situated at Saykha GIDC Industrial Estate in Bharuch district of Gujarat.

The company said that the buyer is a third party, who does not belong to the promoter or promoter group, and the transaction does not fall under related party transactions.

Asahi Songwon Colors is a manufacturer of blue (Phthalocyanine) pigments for the ink, plastics, paint, textiles and paper industry with globally benchmarked manufacturing capabilities. The company has two manufacturing plants at Padra and Dahej in Gujarat.

The company exports products to over 20 countries and 56 percent of its revenue comes from overseas markets.

In the June quarter, the Ahmedabad-based firm posted a quarterly net loss of Rs 2.44 crore as compared to a net profit of Rs 5.38 crore in the year-ago period. Further, revenue from operations dropped to Rs 68 crore in the quarter under review from Rs 116.05 crore three months ended June 2022.

In January, the company announced the temporary shutdown of its blue pigment plant at Padra in Vadodara district of Gujarat for planned maintenance.

Shares of Asahi Songwon Colors are trading 3 percent lower at Rs 235.10.