The stock price of Confidence Petroleum soared by 5% during the trading hours of Thursday. The spike came after the company announced that its subsidiary Blueflame Industries has commenced new cylinder manufacturing unit at Village Gutjora, Dhanbad, Jharkhand.
In response to the news, the stock advanced by approximately 4.78% to settle at Rs 21.90 on BSE.
The newly established unit will commence within a record time of 97 days and boast a capacity of producing 5 Lakh cylinders every year.
Currently, promoters are holding 53.66% stake in the company. At the end of the quarter on June 30, 2017, the company reported total revenue at 136.71 crore and net profit stood at 4.38 crore.
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