Indo Rama Synthetics (India) zoomed 13.31% to Rs 63 after the Maharashtra Government on Tuesday (13 December 2022) approved an investment of Rs 1,925 crore by the company in the Nagpur region of Maharashtra.
In October this year, the Cabinet Sub-Committee Meeting on Industries was held to clear various investment proposals for Maharashtra. The said Committee held its second meeting yesterday after the formation of new government in the State.
The Committee approved total investments of Rs 70,000 crore, of which Rs 35,520 crore investments are for naxal hit Gadchiroli district & adjacent Chandrapur district and Rs 10,000 crore investments are in green projects. A total of 13 projects received government approval. All these projects are spread over all the regions like Marathwada, Vidarbha, Northern Maharashtra & Western Maharashtra.
The Committee approved an investment proposal by Indo Rama Synthetics (India) of Rs 1,925 crore for Nagpur.
The company's current market capitalization is Rs 1,641.10 crore.
Indo Rama Synthetics (India) is one of the largest dedicated polyester manufacturers in India. The company manufactures a wide range of polyester products including polyester staple fiber, partially oriented yarn, draw texturised yarn, fully drawn yarn and polyester chips. IRSL has an integrated manufacturing complex spread over 250 acres at Butibori, near Nagpur with installed capacity of 6,10,050mtpa of polyester. IRSL has several technical collaborations with companies such as Chemtex Intl. Inc of the US, Toyobo Co. Limited of Japan, Zimmer AG of Germany, among others.
The company's consolidated net profit declined 97.82% to Rs 1.14 crore in the quarter ended September 2022 as against Rs 52.31 crore during the previous quarter ended September 2021. Sales rose 14.54% to Rs 1136.61 crore in Q2 FY23 from Rs 992.30 crore in Q2 FY22.
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