Maithan Alloys skyrockets ~7% as arm bags MoEF-;CC approval to set up Ferro Alloy Plant

16 Aug 2022 , 02:01 PM

Maithan Alloys Limited informed that the company’s subsidiary Maithan Ferrous has submitted a proposal for installation of a Ferro Alloy Plant of 4×16.5 MVA Submerged Arc Furnaces along with Sinter & Briquette Plant at District Bankura, West Bengal.

The proposal was submitted to the Ministry of Environment, Forest and Climate Change (MoEF&CC).

In this regard, MoEF&CC on August 11, 2022, communicated the Minutes of the Expert Appraisal Committee held from August 1 to August 3, 2022, to MFPL recording the recommendation for the grant of Environment Clearance under the provisions of EIA Notification, 2006 to the instant proposal of MFPL.

However, the approval is subject to the stipulation of certain specific and general conditions.

At around 2.02 PM, Maithan Alloys was trading at Rs1,010.35 up by Rs62.1 or 6.55% from its previous closing of Rs948.25 on the BSE. The scrip touched intraday high and low of Rs1,038.30 and Rs995.40 respectively.