Gujarat Fluorochemicals Ltd., an Indian maker of refrigerant gases, rose after winning United Nations carbon credits for the second time this year following an 11-month dry spell amid a probe of emission-reduction projects.
The shares gained as much as 6.9 percent to 274 rupees and traded at 263.7 rupees, up 2.9 percent, as of 10:34 a.m. local time. The benchmark Sensitive Index fell 1 percent.
Gujarat Fluorochemicals gets the credits because it prevents its plant in Ranjitnagar in Gujarat state from venting hydrofluorocarbon-23, or HFC-23, a by-product of refrigerant production and potent greenhouse gas, into the air.
The shares rose to a three-year high on Jan. 18 after the UN Clean Development Mechanism, the world’s second-biggest greenhouse gas market, issued 2.4 million credits to the company. Prior to that, Gujarat Flourochemicals hadn’t received credits since Feb. 16, 2010, amid a UN review of HFC projects after the environmental group CDM Watch said some companies may be increasing HCFC-22 output simply to generate credits.
The price of one UN credit, known as a Certified Emission Reduction, for delivery in December 2011 closed at 11.76 euros ($16.20) a metric ton on the ICE Futures Europe Exchange in London yesterday.
