In its regulatory filing, the company stated that the price negotiations for the first quarter with our OEMs have been completed. The price increase is between Rs. 5,000 — Rs. 6,000 per ton.
Earlier, this week, the company was granted the long-awaited Environmental Clearance for expansion of capacity at its existing plant in Ludhiana, up to 2,80,000 tons per annum of rolled production.
With this approval, the path for enhancement of capacity is cleared. To begin with, the current rolling capacity of 200,000 tons per annum would be increased to 250,000 tons.
At around 1.44 pm, the company's stock was trading at Rs233.30 per piece up by 4.5% on Sensex.
The stock has hit a new 52-week high of Rs240 per piece in the early deals on Sensex.