Kalyani Steels Shares At Record High On Deal With Odisha Government
The company will set up a 0.7 MTPA integrated advanced specialty steel and automotive components manufacturing complex in the state.
Shares of Kalyani Steels Ltd. hit a record high on Friday after it signed a deal worth Rs 11,750 crore with the Odisha government to set up a manufacturing plant.
The company will set up a 0.7 MTPA integrated advanced specialty steel and automotive components manufacturing complex worth Rs 6,626 crore in the state, as per the signed Memorandum of Understanding.
This also includes phase 1 of the integrated titanium metal/alloy and aerospace and defence components manufacturing plant of 10,000 TPA capacity in Odisha. The aerospace and defence components plant will need an estimated investment of Rs 5,124 crore.
Shares of the company rose as much as 8.47% before paring gains to trade 5.63% higher at 1:51 p.m., compared to a 0.09% advance in the NSE Nifty 50.
The stock has risen 174.69% in the last 12 months. Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 83 indicating it was overbought.
