Greenlam Industries Shares Hit Record High After Announcement Of New Plant
Shares of Greenlam Industries Ltd. hit a record high on Friday after its new plant in Tindivanam, Tamil Nadu, started operation.
The greenfield plant in Tindivanam district will be a manufacturing facility for plywood and allied products. It will be operated by its subsidiary, HG Industries Ltd., and have an estimated investment of Rs 125 crore.
The facility has an installed capacity of 18.9 million square metres per annum and has the potential to generate revenue of Rs 400 crore per annum on full capacity utilisation. The total capex incurred for the project stands at approximately Rs 130 crore until the commencement of commercial production.
Shares of Greenlam Industries rose as much as 11.16% intraday before paring gains to trade at a 6.66% high as of 11:10 a.m., compared to a 0.17% decline in the benchmark Nifty 50.
Total traded volume so far in the day stood at 16.9 times its 30-day average. The relative strength index was at 81, implying that the stock may be overbought.
Out of the 10 analysts tracking the company, eight maintain a 'buy' rating and two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 4.3%.
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