Kalyani Steels jumped 5.74% to Rs 863.10 after the company announced that it has signed a Memorandum of Understanding (MoU) with Government of Odisha for setting up manufacturing plants in the state.
The steel maker plans to invest Rs 6,626 crore in a 0.7 millions of tonnes per annum (MTPA) integrated advanced specialty steel & automotive components manufacturing complex.
Additionally, the company would invest Rs 5,124 crore in Odisha for Phase 1 of integrated titanium metal/alloy and aerospace & defense components manufacturing plant with a capacity of 10,000 tonnes per annum (TPA).
Kalyani Steels is primarily engaged in the business of manufacture and sale of iron and steel products. The company is an integrated manufacturer of diverse range of steel products with its manufacturing facility located at Hospet works in Karnataka.
The company's consolidated net profit surged 67.19% to Rs 65.33 crore in Q3 FY23 as compared with Rs 39.08 crore in Q3 FY22. Revenue from operations grew 7.44% year on year (YoY) to Rs 479.76 crore during the quarter.
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