Sumeet Inds rises on expansion plans

DALAL STREET SPIKES

On a day when the bears were out in full force, the Sumeet Industries counter shot up nearly 4.9 per cent to Rs 25.9 on volumes of over 5.4 lakh.

The surge was mainly fuelled by the company's announcement that its board of directors would meet on February 19 to consider expansion plans.

Sumeet, which has business interests in the textile space, has plans to expand its polyester POY-spinning capacity to 56,000 tonne a year from the current 12,000 tonne a year.

This it plans to do by setting up 10 more lines of polyester POY-spinning plant with annual installed capacity of 44,000 tonne. This year, the stock has y fluctuated in the Rs 20-25 range.