Schneider Electric Infrastructure surged 9.81% to Rs 183.05, extending gains for the second trading session.
Shares of Schneider Electric Infrastructure have surged 19.68% in two sessions.The stock had outperformed the market over the past one month, rising 46.68% compared with 1.60% decline in the Sensex.
The scrip outperformed the market in past one quarter, gaining 87.87% as against Sensex's 11.14% rise.
The scrip had also outperformed the market in past one year, climbing 55.47% as against Sensex's 3% fall.
On the technical front, the stock's daily RSI (relative strength index) stood at 78.04. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 129, 118.80 and 116.89, respectively.
Earlier this month, the company's board approved enhancing the production capacity of vacuum interrupters and vacuum circuit breakers. For this, the company's board has approved setting up a manufacturing unit in Kolkata, subject to requisite approvals, as may be required.
Existing capacity of the company stands at 80k MV vacuum interrupters with about 90% capacity utilization. The company proposes to add 180k MV vacuum interrupters and MV vacuum circuit breakers assembly lines.
The proposed capacity addition will complete by FY 2023-24 to FY 2027-28 with progressive investment. First mature production is expected in 2025.
The capacity enhancement will incur an investment of Rs 138 crore over a period of 3 years. The company will finance the expansion through internal accruals and/or borrowings.
The expansion is aimed at "meeting domestic demand as well as increase export to Schneider Electric global entities to accelerate Make in India for Global, aligned with Atmanirbhar Bharat initiative of the Government of India," the company said in a statement.
Schneider Electric Infrastructure is engaged in the business of manufacturing, designing, building and servicing products and systems for electricity network.
Schneider Electric Infrastructure reported net profit of Rs 26.53 crore in Q1 June 2022 as against net loss of Rs 16.08 crore in Q1 June 2021. Net sales rose 28.91% to Rs 371.48 crore in Q1 June 2022 over Q1 June 2021.
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