Everest Industries said that it has received in-principle approval from the Government of Karnataka for allotment of 15 acres of land by Karnataka Industrial Area Development Board (KIADB) at Immavu Industrial Area, Mysuru District.
The land is for the purpose of establishment of a manufacturing plant for fibre cement boards / rapicon panels.
Everest Industries is one of India's largest manufacturers of AC roofing. The company has also diversified into non-asbestos building products (roofing sheets, flooring, cladding, and other boards); and design, manufacture, and erection of PEBs. It has eight plants across India.
The company's consolidated net profit rose 4.18% to Rs 21.20 crore on a 27.51% increase in sales to Rs 452.57 crore in Q1 FY23 over Q1 FY22.
The scrip shed 0.21% to currently trade at Rs 874.85 on the BSE.
In the past one year, the stock has zoomed 99.28% while the benchmark Sensex has lost 4.41% during the same period.
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