Ingersoll-Rand soars 10% on Rs 100 crore capex plan
The stock hit a record high of Rs 777 on National Stock Exchange.
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Ingersoll-Rand (India) has soared 10% to Rs 765 after the company announced that it will invest Rs 100 crore to upgrade its manufacturing facility in Naroda, near Ahmedabad in Gujarat.
The company said, products and solutions manufactured at the Naroda plant will be distributed across both, India as well as the global markets.
The higher investments in infrastructure by the government could propel capital investments which will be a good growth opportunity for the company’s business, it added.
The stock opened at Rs 695 and touched a record high of Rs 777 on NSE. A combined 591,679 shares changed hands on the counter till 1510 hours on NSE and BSE.
The company said, products and solutions manufactured at the Naroda plant will be distributed across both, India as well as the global markets.
The higher investments in infrastructure by the government could propel capital investments which will be a good growth opportunity for the company’s business, it added.
The stock opened at Rs 695 and touched a record high of Rs 777 on NSE. A combined 591,679 shares changed hands on the counter till 1510 hours on NSE and BSE.
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First Published: Sep 12 2014 | 3:16 PM IST