Confidence Petroleum India Limited to set up new plants for manufacturing CNG cylinders, LNG tanks and Cryogenic Cylinders

Looking to focus of Government of India to push Green Fuel i.e. CNG & LNG as Auto & Industrial fuel throughout the nation there will be huge demand of CNG and High Pressure Cylinders in the coming period. All CGD’s are putting CNG outlets PAN India. Looking to the high demand & prospects of CNG, High Pressure Cylinders from OEM, Retrofitting & Cascades segment, the board in its meeting held on 9th March, 2021 at 14.00 Hrs at Nagpur, 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 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.

Shares of CONFIDENCE PETROLEUM INDIA LTD. was last trading in BSE at Rs.47.35 as compared to the previous close of Rs. 47.15. The total number of shares traded during the day was 206250 in over 1017 trades.

The stock hit an intraday high of Rs. 47.9 and intraday low of 46.1. The net turnover during the day was Rs. 9711297.

Source : Equity Bulls

Keywords