Everest Kanto secures Rs 220 crore export order

Everest Kanto Cylinder Ltd on April 25, 2007 has announced that the group has bagged exports orders worth Rs 220 crore for the supply of specialized cylinders.

Meanwhile, the Company has started construction work in China. The Company plans to invest US$ 50 million in the first phase of its China operation. The Company has already formed a separate wholly owned subsidiary Company EKC Industries (Tianjin) Co. Ltd. It has also ordered the machines for the project. The implementation of this project has started picking up speed and is slated to start production in the last quarter of this calendar year with an initial capacity of 200,000 cylinders. The Company plans to ramp up the capacity to 1.5 million cylinders in the next 3-4 years.

The stock was trading at Rs.1024.10, up by Rs.60.15 or 6.24%. The stock hit an intraday high of Rs.1050 and low of Rs.965. The total traded quantity was 186862 compared to 2 week average of 102906.

Source : Equity Bulls

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