Vardhman Special Steels shines as its board approves capex of Rs 33 crore
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Vardhman Special Steels is currently trading at Rs. 310.60, up by 14.80 points or 5.00% from its previous closing of Rs. 295.80 on the BSE.
The scrip opened at Rs. 300.90 and has touched a high and low of Rs. 328.50 and Rs. 300.60 respectively. So far 15169 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 328.50 on 2-May-2024 and a 52 week low of Rs. 171.00 on 21-Jul-2023.
Last one week high and low of the scrip stood at Rs. 328.50 and Rs. 266.50 respectively. The current market cap of the company is Rs. 2409.58 crore.
The promoters holding in the company stood at 60.56%, while Institutions and Non-Institutions held 3.12% and 36.32% respectively.
Vardhman Special Steels’ board approved Capital expenditures (capex) amounting to Rs 33 crore (approximate) for meeting the future incremental demand from the existing customers. The company plans to increase the capacity, especially the Steel Melting Shop by debottlenecking some of the processes, saving in change over time by doing some automations, strengthening R&D and investment in Environment protection. The proposed capacity is to be added by March 31, 2026. The Board of Directors of the Company in its meeting held on May 1, 2024 has approved the same.
Vardhman Special Steels, incorporated in 2010, is part of the Vardhman group. It has its operating unit in Ludhiana, Punjab, which manufactures hot rolled bars and caters to the diverse requirements of various end-user segments such as engineering, automotive, tractor, bearing and allied industries.
