Timken India surged 8.38% to Rs 3174.95 after the company said it will set up new facility at Bharuch in Gujarat to manufacture spherical roller bearings (SRB) and cylindrical roller bearings (CRB) and components thereof.
Timken India 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.For the proposed new facility, the company will invest about Rs 600 crore from internal accruals. The commercial production is expected from January 2025.
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 in India and it imports these products from Timken group companies across world. The company believes that SRB and CRB overall have good market in India as well as International market including US and Europe.
Timken India is a leader in tapered roller bearings. Its standalone net profit rose 23.23% to Rs 97.60 crore on 24.65% increase in net sales to Rs 695.40 crore in Q2 September 2022 over Q2 September 2021.
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