Timken India to set up new manufacturing facility at Bharuch, Gujarat; Stock hits 52-week high

17 Nov 2022 , 02:41 PM

Timken India Ltd stock hits 52-week high on Thursday after it has announced that new manufacturing facility will be set up at Bharuch, Gujarat to manufacture Spherical Roller Bearings (‘SRB’) and Cylindrical Roller Bearings (‘CRB’) and components thereof.

As per the regulatory filing, the Company already has manufacturing plant at Bharuch, Gujarat wherein primarily Tapered Roller Bearings (‘TRB’) and its components are manufactured. At the same premises wherein existing plant is situated, new facility will be set up to manufacture SRB and CRB and components thereof which will enhance manufacturing capacity of the Company.

The investment of Rs600 crore for the above project will be raised through internal accruals, the company said.

The Company has manufacturing plants at Jamshedpur and Bharuch wherein primarily TRB and its components are manufactured.

The Company at present does not manufacture SRB and CRB. SRB and CRB are mainly imported from Timken group companies across world and sold in India. Timken India believes that SRB and CRB overall have good market in India and outside India.

At around 2:34 PM, Timken India Ltd is currently trading at Rs3,484.10 per share up by Rs554.7 or 18.94% from its previous closing of Rs2,929.40 per  share on the BSE.

On Thursday, the stock hit 52-week high at Rs3,515.25 per share during early deals on the BSE.