Rain Calcining surges on capacity ramp up

DALAL STREET SPIKES

Rain Calcining surged to an intra-day high of Rs 16.25 before finally closing 12.59 per cent higher at Rs 15.73. The scrip moved up after the company said that the they will undertake a growth initiative to place the company in the top five global calcining companies in the world in the future.

The company informed the BSE that in anticipation of a continued surge in demand for calcined petroleum coke (CPC) in the company's key customer regions of Australasia, South America, South Africa and the Middle East, the company shall undertake a capacity expansion at its Visakhapatnam plant from 300,000 MTPA to 480,000 MTPA.

The company will also invest in a new green field calciner project in Kuwait in consortium with a group of leading Kuwaiti companies and the Company's foreign collaborator, Oxbow Carbon & Minerals, LLC, USA.