The stock closed at its nine-month high on Friday as the board of directors of the company unveiled a Rs 250-crore capacity expansion plan for the next two years. The stock was up 27.12 per cent last week on BSE, from Rs 144.35 a week ago to a nine-month high of Rs 183.50.
The company has announced plans to be among the global top three manufactures of optical fiber by doubling its optical fibre capacity to 12 million km this year and 20 million km by 2011. To meet the target, the company will expand the capacity of its existing facility at Aurangabad in Maharashtra and also set up a greenfield plant.
According to the company, the current production capacity of 6 million km is already under expansion to 12 million km in the current financial year. The enhanced capacity of 20 million km, to be functional by 2011, would require a capital outlay of Rs 250 crore.
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