Dynamic Cables surges on getting nod to expand Reengus plant capacity
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Dynamic Cables is currently trading at Rs. 489.85, up by 18.55 points or 3.94% from its previous closing of Rs. 471.30 on the BSE.
The scrip opened at Rs. 482.00 and has touched a high and low of Rs. 493.00 and Rs. 482.00 respectively. So far 4606 shares were traded on the counter.
The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 615.65 on 07-Aug-2023 and a 52 week low of Rs. 131.15 on 28-Sep-2022.
Last one week high and low of the scrip stood at Rs. 493.00 and Rs. 454.50 respectively. The current market cap of the company is Rs. 1061.07 crore.
The promoters holding in the company stood at 74.44%, while Institutions and Non-Institutions held 0.35% and 25.21% respectively.
Dynamic Cables has received approval for an expansion plan of the Plant situated at A-129, A-129A, A-130, SKS Industrial Area, Reengus, Tehsil Shree Madhopur, Rajasthan. As the company manufactures different variety of cables, the plant capacity varies depending upon the product specifications. Given this, management estimates that upto 20,000 KMS of various HT, LT cables and speciality conductors can be produced annually at its Reengus plant.
The proposed expansion at its Reengus plant will increase the annual capacity by up to 5,000 KMS of cables and speciality conductors depending upon their specifications. The said expansion is expected to be completed in FY 2023-24 and required investment is upto Rs 25 crore. The Capacity is being added for new customer orders in the normal course of business. The Board of Directors at their meeting held on September 09, 2023 has considered and approved the same.
The company has also received approval for purchase of land admeasuring 25091.00 sq. meters from Shiv Kripa Pipes (Related Party of the Company) situated at Plot No A-129, A-129A, A-130 SKS Industrial Area, Reengus, District Sikar (Rajasthan).
Dynamic Cables is engaged in manufacturing of Cables and Conductors. Its manufacturing facilities are distributed in three units located in Jaipur in Rajasthan.
