Orientbell completes expansion at Hoskote Plant; stock soars ~5%

27 Sep 2022 , 09:41 AM

Orient Bell Limited announces the completion of its Hoskote plant expansion (Bengaluru district, Karnataka) with a cost of Rs34 crores well ahead of time.

With this, the company’s overall capacity has grown from 32 MSM p.a. to 33.8 MSM p.a. (includes 10 MSM p.a. of the associated entities).

Orientbell has made significant expenditures over the last two years to scale up and improve its facilities. Apart from other investments made concurrently to boost marketing and distribution, the company has committed Rs70 crore in 5 Growth Capex projects with a potential incremental volume of 5.5 MSM per year.

The initiatives were hatched with a clear focus on two fronts: flexibility to offer new or superior goods in response to changing client preferences and strengthening the company’s footprint in existing areas.

“Our team ensured that all of the stated projects were executed well within time and the CAPEX budgets. Furthermore, the bulk of these investments were paid for through internal accruals,” said Aditya Gupta, CEO of Orientbell.

At around 9.45 AM, Orient Bell was trading at Rs627.05 up by 4.7% from its previous closing of Rs598.90 on the BSE. The scrip opened at Rs598.90 and touched intraday high and low of Rs635 and Rs598.90 respectively.

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