AIA Engineering has soared 7% to Rs 483, also its record high on the BSE, after the company said it is augmenting its manufacturing capacity of wear parts from 2,00,000 Mt to 260,000 Mt by brownfield project which is expected to be commissioned in February, 2014.
The Ahmedabad-based AIA Engineering is specialises in the design, development, manufacture, installation and servicing of high chromium wear, corrosion and abrasion resistant castings used in the cement, mining and thermal power generation industries.
Meanwhile, in addition thereto, the board of directors have approved a greenfield project to further enhance this manufacturing capacity by setting up a new facility to produce wear parts with rated capacity of 1,80,000 Mt.
The first phase of this project of 1,00,000 Mt is estimated to get commissioned by March, 2015 with the balance estimated to complete by October, 2015, AIA Engineering said in a BSE Filing.
The land for the above project has already been acquired, necessary environmental clearances have been obtained and the capex shall be funded through internal accruals and some external borrowing, if required, it added.
Since November, the stock has rallied 24% compared to 2% decline in benchmark index, after reported 48% year-on-year jump in consolidated net profit at Rs 139 crore for the first half (April – September) of the current fiscal 2013-14.
The Ahmedabad-based AIA Engineering is specialises in the design, development, manufacture, installation and servicing of high chromium wear, corrosion and abrasion resistant castings used in the cement, mining and thermal power generation industries.
Meanwhile, in addition thereto, the board of directors have approved a greenfield project to further enhance this manufacturing capacity by setting up a new facility to produce wear parts with rated capacity of 1,80,000 Mt.
The first phase of this project of 1,00,000 Mt is estimated to get commissioned by March, 2015 with the balance estimated to complete by October, 2015, AIA Engineering said in a BSE Filing.
The land for the above project has already been acquired, necessary environmental clearances have been obtained and the capex shall be funded through internal accruals and some external borrowing, if required, it added.
Since November, the stock has rallied 24% compared to 2% decline in benchmark index, after reported 48% year-on-year jump in consolidated net profit at Rs 139 crore for the first half (April – September) of the current fiscal 2013-14.