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Shares of Aeroflex Industries, a manufacturer of iron and steel products, rose 3.74 per cent to reach an intraday high of Rs 214.6 on the BSE during Thursday’s trading session, January 2, 2024.
The company’s shares gained momentum following the announcement of the commencement of commercial production and the launch of a new product, Metal Bellows, with an annual production capacity of 1,20,000 pieces.
In a regulatory filing, Aeroflex Industries said that it has increased the installed capacity of Stainless Steel Hose and Braiding by 1.5 million metres, boosting its total production capacity from 15 million metres to 16.5 million metres per annum. The company also disclosed the successful expansion of its Composite Hose production capacity by adding three new lines, bringing the total number of lines to six.
Previously known as Suyog Intermediates, Aeroflex Industries is a subsidiary of SAT Industries, which holds a 61.23 per cent stake in the company. Aeroflex specializes in manufacturing stainless-steel corrugated flexible hoses and hose assemblies designed for the controlled flow of solids, liquids, and gases across various industries.
As of January 2, 2024, Aeroflex Industries has a market capitalisation of Rs 2,746.12 crore and is a part of the BSE SmallCap index.
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The stock has a 52-week range of Rs 235 to Rs 114.40, and has delivered a 35 per cent return over the past one year.
At 2:12 PM on Thursday, Aeroflex Industries shares were trading at Rs 212.35 apiece on the BSE, up 2.66 per cent from its previous close of Rs 206.85. Approximately 0.54 million shares, valued at an estimated Rs 11.56 crore, changed hands on the NSE and BSE combined.
Meanwhile, the benchmark equity indices were also trading higher on Thursday. The NSE Nifty50 was quoted at 24,149.75, up 1.72 per cent, while the 30-share Sensex was trading higher by 1282 points at 79,789 levels.
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