Rain Industries shares advanced as much as 6.36 per cent to hit intraday high of Rs 47.90 after company post market hours on Friday announced commencement of waste-heat recovery-based power plant.
Hyderabad-based Rain Industries, which was formerly known as Rain Commodities, on Friday said, " Rain Cements Limited, a wholly owned subsidiary company of Rain Industries has commenced operations of waste heat recovery based power plant to generate up to 7 megawatts of gross electrical energy from the waste heat and the flue gases evolved during the cement manufacturing process in Andhra Pradesh."
"The project was completed at a cost of Rs 70 crore and the same was funded from internal accruals," Rain Industries added in the statement.
Rain Industries is engaged in production of cement, calcined petroleum coke and power and basic and specialty chemicals (Coal Tar Pitch etc.).
In the quarter ended June 2016, Rain Industries reported net profit of Rs 156.5 crore on sales of Rs 2,531 crore.
Rain Industries shares ended 4.66 per cent higher at Rs 47.20.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
