Confidence Petroleum India rose 1.69% to Rs 48.15 after the company said that its board has decided to set-up CNG-high pressure cylinder manufacturing unit near Nagpur with a capacity of 3.60 lacs cylinders per annum of various capacities.
The company said that looking at the focus of Government of India to push green fuel i.e. compressed natural gas (CNG) and liquefied natural gas (LNG) as the auto & the industrial fuels throughout the nation, there will be huge demand of CNG and high-pressure cylinders in the coming period. It added that all the city gas distributors (CGDs) are putting CNG outlets PAN India.
Looking at the high demand & prospects of CNG, high pressure cylinders from original equipment manufacturers (OEMs), retrofitting & cascades segment, the company has decided to set-up a cylinder manufacturing unit.
Further, the board has decided to workout feasibility for putting cryogenic cylinder manufacturing unit near Nagpur having capacity of 1.5 lacs units per annum of various capacities. The board has also given approval for putting LNG Tanks manufacturing unit near Nagpur.
Confidence Petroleum India is an India-based manufacturer of liquefied petroleum gas (LPG) cylinders for domestic, as well as commercial use.
The company reported 10.8% rise in consolidated net profit to Rs 19.99 crore on a 0.9% increase in net sales to Rs 258.47 crore in Q3 FY21 over Q3 FY20.
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