Pondy Oxides & Chemicals Ltd to set up recycling faciltiy at AP plant

Pondy Oxides & Chemicals Ltd intends to set up a Copper Recycling / Melting Facility at the Andhra Pradesh Plant as part of the Expansion Strategy for 2021 at an estimated investment of Rs. 12.00 Crs. (Rupees Twelve Crores Only) in the first phase.

With a view to enhance our portfolio of non-fe n'ou metals of Lead and Zinc, the company has recogn ized an opportun ity to recyc le Copper. The production capacity for the same is expected to be 30,000 MT per annum. The Company is in the process of obtain ing neces ary Government approvals to commence the said activities. Consequently, the company will in itiate the process for acquiring all the relevant tate of the art machi nery, and target to have it insta lled and commissioned in this financial year. This wou ld also help the Company to meet the demand(s) and consolidate its position in the ma rket. In this regard we will duly inform the Stock Exchange once the same is installed and commissioned for commercial production.

The project is strategic and beneficial to the company in view of our existing specialization in both Lead and Zinc Segment along with the growing demand of Copper due to its requirement in diverse modern sectors, applications and to meet the ever-growing demand of Copper. The location of the project is well connected with appropriate geography of the land, transportation (ports, airways and highways) for the Raw Material, Finished Goods and Labor Flexibility.

The company continuously endeavors to emphasize on the importance of recycling and to support and focus on environmental responsibility.

Shares of PONDY OXIDES & CHEMICALS LTD. was last trading in BSE at Rs.276.6 as compared to the previous close of Rs. 275.1. The total number of shares traded during the day was 18422 in over 580 trades.

The stock hit an intraday high of Rs. 284.85 and intraday low of 275. The net turnover during the day was Rs. 5164886.

Source : Equity Bulls

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