 "Interarch Building Products up 8% on inaugurating new manufacturing plant")
Interarch Building Products stock rises: Shares of freshly-listed Interarch Building Products were buzzing in trade on Thursday, September 5, 2024. The shares rose as much as 7.65 per cent to hit an intraday high of Rs 1,218.85 per share.
The uptick in the company’s share price came after the company inaugurated phase 1 of the 5 state-of-art Pre-engineered steel (PEB) manufacturing plant (4th fully integrated unit) in Attivaram, Andhra Pradesh.
In an exchange filing, Interarch Building Products said, “We are pleased to inform you that the Company has inaugurated phase 1 of the 5" State-of-Art PEB manufacturing Plant (4th fully integrated unit) in Attivaram, Andhra Pradesh on September 4, 2024.”
This manufacturing facility is equipped with the updated technology and has capabilities to manufacture PEB structures and pre-engineered metal roofing and cladding systems, the company said.
“We are excited to announce the inauguration of our fifth PEB manufacturing unit in Attivaram, AP, marking a key milestone in our strategic expansion. As we continue to expand, our goal remains clear: to set new standards in the industry through quality, innovation, and customer delight. This new facility enhances our geographical reach and reinforces our commitment to innovation, quality, and sustainability. We look forward to contributing to the region's economic development and meeting the growing demand with excellence,” Arvind Nanda, managing director and Gautam Suri, whole-time director of Interarch Building Products Limited said.
Interarch Building Products’ Phase 1 of the plant covers 4 acres of the plot and has been built at an investment of Rs 40 crores (including cost of land).
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Furthermore, the investment for phase 1 has been funded by internal accruals and will increase Interarch’s installed capacity by 20,000 MT per annum. The company claimed that this unit has generated new job opportunities for approximately 250 people, boosting the local economy.
“The company further did the Ground breaking ceremony for the Phase 2 of the same plant which covers 6 acres of the plot and will increase the Company’s installed capacity by 40,000 MT, increasing the overall capacity of 2 lakh MT per annum,” Interarch Building Products added.
Stock market debut
Interarch Building Products' shares made a strong debut on the stock exchanges on August 26, opening at a premium of 44.3 per cent. On the NSE, the stock started trading at Rs 1,299, while on the BSE, it was listed at Rs 1,291.20, reflecting a 43.5 per cent premium over the issue price of Rs 900 per share.
Founded in 1983, Interarch Building Limited engages in turnkey pre-engineered steel construction solutions in India. The company provides comprehensive services including design, engineering, manufacturing, and on-site project management for the installation and erection of pre-engineered steel buildings (PEB).
Interarch Building Products offers PEBs through two primary avenues: pre-engineered steel building contracts (PEB Contracts) and the sale of pre-engineered steel building materials (PEB Sales). Their product range includes metal ceilings, corrugated roofing, PEB steel structures, and light gauge framing systems.
The company serves a diverse clientele across various sectors. In industrial and manufacturing construction, notable clients include Grasim Industries Limited, Berger Paints India Limited, Blue Star Climatech Limited, Timken India Limited, and Addverb Technologies Limited. In the infrastructure sector, InstaKart Services Private Limited is among their key customers.
It operates four manufacturing facilities: two in Sriperumbudur, Tamil Nadu; one in Pantnagar, Uttarakhand; and one in Kichha, Uttarakhand. The company's sales and marketing teams are spread across several regions, including Chandigarh (Punjab), Lucknow (Uttar Pradesh), Coimbatore (Tamil Nadu), Bhubaneswar (Odisha), and Raipur (Chhattisgarh).
At 1:00 PM, shares of the company were trading 5.74 per cent higher at Rs 1,197.15 per share. In comparison, BSE Sensex was trading 0.06 per cent lower at 82,300.20 levels.