Sintex gains on plans to set up textile plant at Pipavav

The company plans to invest Rs 5,500 in a greenfield textiles plant at Pipavav

Shares of Sintex Industries were up nearly 2% at Rs 101 after the company said it plans to invest Rs 5,500 crore in a greenfield textiles plant including spinning and knitting at Pipavav.

"The first phase will commission in March 2015. Every two months we will be adding 100,000 spindles at the plant. We expect Rs 9000-10,000 crore worth sales from the plant by 2017-18 when the plant fully commissions," group managing director Amit Patel said.

Patel said that the multi-fibre plant will see commercial production through spinning, knitting and weaving of various fibres like cotton, polyester, viscose and spandex, among others.

The stock opened at Rs 99 and touched a high of Rs 101.10. At 11:15AM, over 6.4 million shares were traded on both the stock exchanges.