IOL Chemicals and Pharmaceuticals Ltd updates on expansion projects

The Board of Directors of IOL Chemicals and Pharmaceuticals Ltd in its meeting held today i.e. 4th June 2021 has considered and approved expansion project.

The board approved the enhancement of the manufacturing capacity of Ethyl Acetate from 87,000 MT per annum to 100,000 MT per annum, by de-bottlenecking and re-engineering of existing plant, at aggregate capex of Rs.0.25 crore, funded through internal accruals only.

The company noted successfully setting up new manufacturing facilities ('Unit-VIII') to manufacture Ibuprofen derivatives and other Pharma (APIs) products, with a capex of Rs. 21.26 Crore, which has been funded through internal accruals only.

The board also took note of setting up of 2 new manufacturing facilities 'Unit IX' for manufacturing Gabapentin with a capacity of 612 MT per annum with capex of Rs 60.82 crore and other Pharma (APIs) products; and 'Unit X' for manufacturing Multiple Pharma (APIs) products, with an aggregate capex of about Rs 90 Crore. The installation for these 2 units are running as per schedule and the full capex will met through internal accruals.

Shares of IOL CHEMICALS & PHARMACEUTICALS LTD. was last trading in BSE at Rs.700.2 as compared to the previous close of Rs. 714.45. The total number of shares traded during the day was 227953 in over 8733 trades.

The stock hit an intraday high of Rs. 725 and intraday low of 690.15. The net turnover during the day was Rs. 162101740.

Source : Equity Bulls

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