Kabra Extrusiontechnik jumps on getting the nod to set up a manufacturing plant in North India
Today, the stock opened at Rs 603.65 and touched a high and low of Rs 644.65 and Rs 596.45, respectively.
Board approves setting up a new manufacturing plant
Kabra Extrusiontechnik’s board has approved the establishment of a new manufacturing plant in North India to produce new age Lithium-ion battery packs and other auxiliary items via its wholly owned subsidiary. The proposed new facility will be a cutting-edge, highly automated facility with a capacity of 0.75 Gwh per year. The announcement is in line with the company's regional focus and emphasis on sustainability.
Battrixx intends to increase its market share in the North Indian e-mobility area with the proposed new plant. The new facility will help to reinforce and support existing clients in the electric 2-wheeler, 3-wheeler, and light commercial vehicle (LCV) segments. The projected facility should be completely operational by the third quarter of the fiscal year 2024.
Anand Kabra, Vice-Chairman & MD, Kabra Extrusiontechnik Ltd said, "With this proposed new facility, we are positioning ourselves to capture new business in the e-mobility segment in this market. Overall, the company envisions the new facility to increase the foothold of the company in North India. Our strong focus on technology and continuous innovation will enable us to cater to our customer’s needs in the market. This is a significant step forward for Battrixx and a testament to our commitment to driving the growth of the electric vehicle industry in India.”
Stock price movement
On Thursday, the shares of Kabra Extrusiontechnik closed at Rs 633.40, up by 27.10 points or 4.48% from its previous closing of Rs 604.80 on the BSE.
The BSE group 'B' stock of face value of Rs 5 has a 52-week high and low of Rs 644.65 and Rs 256.00, respectively. Last one week high and low of the scrip stood at Rs. 644.65 and Rs 561.00, respectively. The current market cap of the company is Rs 2120.44 crore.
The promoters holding in the company stood at 60.45%, while Institutions and Non-Institutions held 0.51% and 39.04% respectively.
About the Company:
Kabra Extrusiontechnik, a part of Kolsite group is a leading manufacturer of Plastic extrusion machinery in India. The company offers a wide range of hi-tech single and twin screw extrusion lines for pipes, profiles, pellets, teleduct and mono & multilayer blown film plants.
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