Lloyds Metals rises after Maharashtra Govt clears investment proposals worth Rs 20k-cr

Lloyds Metals and Energy advanced 3.23% to Rs 198.15 after the Maharashtra Government on Tuesday (13 December 2022) approved an investment of Rs 19,700 crore by the company in the Gadchiroli District of Maharashtra.

In October this year, the Cabinet Sub-Committee Meeting on Industries was held to clear various investment proposals for Maharashtra. The said Committee held its second meeting yesterday after the formation of new government in the State.

The Committee approved total investments of Rs 70,000 crore, of which Rs 35,520 crore investments are for naxal hit Gadchiroli district & adjacent Chandrapur district and Rs 10,000 crore investments are in green projects. A total of 13 projects received approval.

The Committee approved two investment proposals by Lloyds Metals and Energy of Rs 14,000 crore and Rs 5,700 crore for Gadchiroli. The said investments reportedly are for the establishment of a steel manufacturing project through mineral extraction & processing in the district.

Lloyds Metals and Energy s engaged in manufacturing of sponge iron & its by-products and generation/distribution of power.

The company reported a consolidated net profit of Rs 142.71 crore in Q2 FY23 as against a net profit of Rs 0.31 crore in Q2 FY22. Sales rose 571.61% to Rs 673.76 crore in the quarter ended September 2022 as against Rs 100.32 crore during the previous quarter ended September 2021.

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