Ind Swift Labs jumps up on expansion moves

DALAL STREET SPIKES

Ind Swift Labs was in the limelight gaining 8.51 per cent on expansion plans. The stock hit the day's high of Rs 69.70, before closing at Rs 68.80, with volumes accounting for more than 8.8 lakh shares on BSE.

The company announced that it is at an advanced stage of implementation of its expansion plans with an investment of Rs 100 crore, which is expected to be over in 6-9 months. Sources said, the stock has been buzzing of late indicating that the market had a wind of the development in advance.

Ind Swift is setting up a state of the art 100 per cent export oriented unit (EOU) at Lalru (Punjab); a new finished dosage facility at tax exempted zone at Baddi (HP) and a new unit at Samba, Jammu.

The unit at Jammu is nearing completion and is expected to commence production in May and the other two units are expected to be operational by September 2005. Post-expansion, the capacities are expected to increase 2-3 folds, with an estimated 30.40 per cent rise in the topline and bottomline.