This Steel Company Proposes Major Capacity Expansion for Cold Rolled Coils at West Bengal: Shares Rise over 5%
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Manaksia Steels Ltd proposes major capacity expansion at its Haldia plant with a new 6-Hi Reversible Cold Rolling Mill, boosting Cold Rolled Coil production to 3,70,000 tonnes per annum.
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Manaksia Steels Ltd has announced a significant capacity expansion at its existing manufacturing unit in Haldia, West Bengal. The expansion involves the installation of a state-of-the-art 6-Hi Reversible Cold Rolling Mill to enhance the production of Cold Rolled Coils (CRC).
The company’s current Cold Rolled Coil capacity stands at 1,20,000 tonnes per annum, with utilisation levels at approximately 82 per cent. The proposed expansion will add an additional 2,50,000 tonnes per annum, increasing the total production capacity to 3,70,000 tonnes per annum.
The project is slated for completion in the fourth quarter of the financial year ending 2027-28, with an estimated investment of around Rs 100 crore. The expansion will be funded through a combination of internal accruals and debt financing.
According to company officials, the rationale behind this capacity augmentation is to meet growing captive demand while simultaneously catering to both domestic and international markets. This move is expected to strengthen the company’s position in the cold-rolled steel segment and enhance its ability to serve a wider customer base with improved efficiency.
Incorporated in 2001, Manaksia Steels Ltd manufactures and export coated steel products, offering a wide range of value-added steel solutions. Its major products include Cold Rolled Steel Sheets & Coils, hot-dip galvanised and Aluzinc-coated steel sheets and coils, as well as pre-painted coils and sheets.
Manaksia Steels Ltd Share Price Performance
Manaksia Steels Ltd share price today closed at Rs 50.71, up from the previous close of Rs 48.21. The stock opened at Rs 49.50 and traded in a day’s range of Rs 48.54 to Rs 52.89. Today’s move reflects positive sentiment among investors, with the stock briefly touching Rs 52.89 before settling at the close.
Despite today’s gain, the stock has seen a year-to-date decline of 30.35 per cent, indicating some pressure earlier in the year. Over the past one year, however, it has recorded a modest gain of 5.41 per cent
Disclaimer: The article is for informational purposes only and not investment advice.