DCM Shriram Inks Deal With Gujarat Government To Invest Rs 12,000 Crore By 2028
DCM's stock closed 10% higher at Rs 1,143 apiece on the BSE.
DCM Shriram Ltd. has signed a memorandum of understanding with the Gujarat government to invest Rs 12,000 crore in the manufacturing of chemical and petrochemical products in Bharuch by 2028.
The company currently has significant chloralkali facilities in Bharuch and aims to increase the existing capacities while adding new products to its portfolio, according to an exchange filing on Thursday.
The MoU was signed in the presence of Chief Minister Bhupendra Patel in Gandhinagar on Wednesday. The ceremony was part of the Vibrant Gujarat Global Summit 2024, which will take place from Jan. 10–12.
Shares of DCM Shriram jumped as much as 13% during the day to hit a 52-week high of Rs 1,175 apiece on the BSE. It closed 10% higher at Rs 1,143 per share compared to a 0.69% advance in the benchmark Sensex.