Rathi Steel and Power shares jumped more than more than 4% after the company informed exchanges about its plans to invest up to Rs. 50 crore in a forward integration project at its existing facility in Ghaziabad.
In the exchange filing Rathi Steel and Power shared, “This project is a strategic initiative which will enhance capacity utilization by consuming part of its existing production in-house. Additionally, it will enable the company to expand its domain of supply to sectors such as automotive (including EVs and batteries), defence, solar, engineering and household either directly or through B to B customers who will be using these products.”
The project will be conducted in phases at the company’s current site in Ghaziabad, Uttar Pradesh, based on technical and commercial feasibility as well as market conditions.
As of 11:43 am, Rathi Steel and Power shares were trading 4.58% higher at Rs 65.24 on the NSE.
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