Rathi Steel and Power Limited approves forward integration project

Rathi Steel and Power Limited has approved setting up of forward integration project comprising stainless steel wires / bright bars / annealed and pickled products etc at a project cost upto Rs 50 crores.

The said project will not only help to optimally utilise the existing capacity by facilitating self consumption of part capacity, but will also enable the Company to cater to growing demand of these products / their allied products from Energy/ EV ecosystem / Engineering / Defence sectors amongst others.

The project shall be set up on the surplus land available with the Company at its existing facilities at Ghaziabad, Uttar Pradesh enabling optimisation of logistics / other overhead costs.

The company will initiate necessary steps to take required approvals, and phase out the project based on technical and commercial feasibility.

Shares of Rathi Steel and Power Limited was last trading in BSE at Rs. 62.38 as compared to the previous close of Rs. 59.41. The total number of shares traded during the day was 130794 in over 517 trades.

The stock hit an intraday high of Rs. 62.38 and intraday low of 59.80. The net turnover during the day was Rs. 8067042.00.

Source : Equity Bulls

Keywords

INE336C01016 RathiSteelandPower IronandSteel FowardIntegrationProject