Himachal Futuristic gains ~9% as board approves expansion plan

The company's board of directors has also approved the redemption of 60,37,500 shares.

Jan 08, 2019 05:01 IST India Infoline News Service

Shares of Himachal Futuristic Communications gained ~9% intraday on Tuesday after its board granted approval to a proposal for adding manufacturing capacity at its optical fibre cable (OFC) plant at Hyderabad.

Accordingly, the company will expand its manufacturing capacity from 7mn fibre kilometer (FKM) to 10.5mn FKM, where it is already set up optical fibre (OF) and OFC manufacturing facilities, Himachal Futuristic Communications said in a press note after market hours to the exchanges on Monday.

Meanwhile, the company's board also approved the redemption of 60,37,500 shares, or 6.5% cumulative redeemable preference shares (CRPS), of Rs100 each at par aggregating to Rs60.38cr.

Himachal Futuristic Communications Ltd's share price is currently at Rs23.15, up Rs1.9, or 8.94%, from its previous close of Rs21.25 on the BSE.

The scrip opened at Rs21.30 and has touched a high and low of Rs23.80 and Rs21.30, respectively. So far, 1,12,24,463 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs2,649.61cr.

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