Salasar Techno Engineering surges on planning to invest Rs 100 crore to expand business
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Salasar Techno Engineering is currently trading at Rs. 285.95, up by 9.90 points or 3.59% from its previous closing of Rs. 276.05 on the BSE.
The scrip opened at Rs. 275.00 and has touched a high and low of Rs. 285.95 and Rs. 275.00 respectively. So far 3616 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 370.75 on 13-Jul-2021 and a 52 week low of Rs. 202.00 on 14-Feb-2022.
Last one week high and low of the scrip stood at Rs. 293.65 and Rs. 265.00 respectively. The current market cap of the company is Rs. 788.69 crore.
The promoters holding in the company stood at 69.70%, while Institutions and Non-Institutions held 0.55% and 29.75% respectively.
Salasar Techno Engineering is all set to invest Rs 100 crore to expand its business. The company is eyeing to invest Rs 50 crore to set up a fabrication unit at Bhilai in Chhattisgarh, while another Rs 50 crore is to be utilized in putting up a galvanizing plant.
The fabrication unit at Bhilai to come upon more than 13 acres of land, will manufacture heavy steel structures for steel plants, refineries, cement plants, and various other industries. The plant is expected to be operational by September 2022.
The proposed galvanizing plant will be the world's largest and cater to power transmission line monopoles. Around 12-15 acres of land will be acquired for the plant which is likely to be commissioned by mid-November 2022.
Salasar Techno Engineering is leading provider of customized steel fabrication and infrastructure solution in India.
