Rico Auto surges on plans to set up new facility

The company has laid the foundation stone for a new manufacturing plant at Pathredi, Bhiwadi (Rajasthan)

Shares of Rico Auto were up nearly 5% at Rs 44 on the Bombay Stock Exchange after the company said it has laid the foundation stone for a new manufacturing plant at Pathredi, Bhiwadi (Rajasthan) for the manufacturing of auto components on July 07, 2016.

This factory premises is being built on a plot of 11.3 acres. Latest manufacturing technology would be implemented in the new facility, the company said in a release.

The Company is hopeful to start commercial production at the new plant by the next financial year, the release added.

The stock opened at Rs 43 and touched a high of Rs 45. At 12:50pm, over 2.5 million shares were traded on both the stock exchanges.