Greenlam Inds gains after commencing production at Nalagarh facility

Greenlam Industries rose 2.29% to Rs 767.15 after the company said that its expanded capacity in Himachal Pradesh is now operational.

In March 2019, the company announced that its unit in Nalagarh, Himachal Pradesh will expand manufacturing capacity by 1.6 million laminates sheets per annum. The expanded capacity is now operational. With this, the installed capacity for laminates has become 15.62 million laminate sheets per annum. The said expansion has the potential to generate revenue of Rs 125 crore per annum on full capacity utilization.

Shares of Greenlam Industries rose 7.85% in two trading sessions to its current market price of Rs 767.15, from a recent closing low of Rs 711.25 on 5 September 2019.

On BSE, 132 shares were traded in Greenlam Industries counter, compared to a 2-week average of 898 shares. The stock hit an intraday high of Rs 802 and an intraday low of Rs 761.15.

It hit a 52-week high of Rs 1,085.75 on 27 September 2018 and a 52-week low of Rs 630.20 on 19 February 2019.

Greenlam Industries' consolidated net profit fell 45.4% to Rs 8.38 crore on a 0.5% increase in net sales to Rs 289.54 crore in Q1 June 2019 compared with Q1 June 2018.

Greenlam Industries is a laminates manufacturing company. The firm is engaged in the business of manufacturing laminates, decorative veneers and allied products through its factories at various locations and branches and dealers' network spread all over the country.

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