In the early trade on December 11, the share price of Lloyds Metals witnessed a notable surge of 4 percent. This positive market response followed the company’s announcement of obtaining approval from the board of directors for a substantial capacity expansion.
As of 12:23 pm, the shares continued their upward trajectory, trading 1.71% higher at ₹622.95.
The company revealed that it had secured approval for expanding its iron ore mining capacity to an impressive 55 million tonnes per year. Additionally, the board sanctioned the establishment of a 45 million tonnes per annum Banded Hematite Quartzite (BHQ) Beneficiation plant at Hedri in the Gadchiroli district.
Providing further insights, the company stated that a previous approval of Rs 364.28 crore for expanding the Surjgarh mine capacity had been granted. The company also proposed the establishment of the BHQ beneficiation plant with a significant investment of Rs 5,000 crore.
Moreover, the board greenlit the establishment of a 3 million tonnes integrated steel plant in Gadchiroli district, requiring an investment of Rs 16,000 crore. This move reflects the company’s strategic vision for robust growth and development in its operational capacities.