Stock Report

IFGL Refractories Limited updates on capex

Posted On : 2023-02-17 12:00:43( TIMEZONE : IST )

IFGL Refractories Limited updates on capex

The Hon'ble Chief Minister of Odisha, Shri Naveen Patnaik, will be doing ground breaking virtually on Friday, 17th February, 2023 at Company's i.e. IFGL Refractories Ltd, recently procured two Plots of land admeasuring about 3 acres from Odisha Industrial Infrastructure Development Corporation and situated adjacent to Company's manufacturing facilities at Kalunga Industrial Estate near Rourkela in the state of Odisha. Senior Government Officials and dignitaries will also grace the occasion.

The Company, an Indian multinational, is one of the reputed manufacturer of Flow Control Refractories and Operating Systems for use by producers of Iron and Steel. Besides facilities in the state of Odisha, the Company has manufacturing facilities at Kandla Special Economic Zone, Gujarat and Visakhapatnam, Andhra Pradesh . The Company has operating subsidiaries in China, Germany, UK and the USA. The Company is in expansion mode and has earmarked CAPEX of about Rs.180 Crores by the end of FY 2023-24. The Company is also in the process of setting up a state of art Technology Centre, likely to be functional by September 2023, at its Kalunga manufacturing facility.

As per Company's Managing Director, Mr James McIntosh, "expansion activities at new Plots and other initiatives will further strengthen Company's presence amongst the refractory manufacturers in India and abroad."

Shares of IFGL Refractories Limited was last trading in BSE at Rs. 246.90 as compared to the previous close of Rs. 246.80. The total number of shares traded during the day was 2709 in over 192 trades.

The stock hit an intraday high of Rs. 248.65 and intraday low of 243.00. The net turnover during the day was Rs. 669016.00.

Source : Equity Bulls


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