Timken India jumps on planning to set up new manufacturing facility at Bharuch
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Timken India is currently trading at Rs. 3174.00, up by 244.60 points or 8.35% from its previous closing of Rs. 2929.40 on the BSE.
The scrip opened at Rs. 2956.80 and has touched a high and low of Rs. 3174.00 and Rs. 2956.80 respectively. So far 8509 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 3465.00 on 09-Sep-2022 and a 52 week low of Rs. 1714.80 on 10-May-2022.
Last one week high and low of the scrip stood at Rs. 3180.10 and Rs. 2800.00 respectively. The current market cap of the company is Rs. 23123.74 crore.
The promoters holding in the company stood at 67.80%, while Institutions and Non-Institutions held 16.03% and 16.17% respectively.
Timken India is planning to set up new manufacturing facility at Bharuch, Gujarat to manufacture Spherical Roller Bearings (SRB) and Cylindrical Roller Bearings (CRB) and components thereof which will enhance manufacturing capacity of the Company.
The Commercial Production at said manufacturing facility is expected to start from January, 2025 with investment of approximate Rs 600 crore. The company already has manufacturing plant at Bharuch, Gujarat wherein primarily Tapered Roller Bearings (TRB) and its components are manufactured.
Timken India is primarily engaged in manufacture, sale and export for sale of antifriction bearings, components and related parts. The company is also engaged in import and purchase for resale and acts as a sales agent for the products manufactured by The Timken Company.
