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Tata Metaliks firms up after Kharagpur facility gets environmental clearance

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Tata Metaliks rose 1.06% to Rs 611 at 11:51 IST on BSE after the company said it received environmental clearance for increasing production at its existing facility in Kharagpur, West Bengal.

The announcement was made after trading hours yesterday, 30 January 2019.

Meanwhile, the S&P BSE Sensex was up 405.03 points, or 1.14% to 35,996.28.

On the BSE, 1,441 shares were traded in the counter so far compared with average daily volumes of 4,687 shares in the past two weeks. The stock had hit a high of Rs 616 and a low of Rs 607.10 so far during the day. The stock hit a 52-week high of Rs 911.95 on 31 January 2018. The stock hit a 52-week low of Rs 545 on 11 October 2018.

The Ministry of Environment, Forest and Climate Change, Government of India has issued the environmental clearance for increasing hot metal production from 0.50 MTPA to 0.75 MTPA, ductile iron pipe production from 0.30 MTPA to 0.50 MTPA and castings of 0.1 MTPA at the company's existing facility located at Kharagpur, West Bengal.

The above clearance, received on 29 January 2019, is subject to fulfilment of certain conditions and subsequent state regulatory approvals.

Net profit of Tata Metaliks declined 1.78% to Rs 39.63 crore on 11.53% rise in net sales to Rs 546.37 crore in Q3 December 2018 over Q3 December 2017.

Tata Metaliks, a subsidiary of Tata Steel, has its manufacturing facilities at Kharagpur, West Bengal, India which produces pig iron and ductile iron pipes.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 31 2019. 11:50 IST