Goodluck India Ltd commissions New Press for Forging Unit

Goodluck India Ltd. a (BSE: 530655, NSE: GOODLUCK), amongst India's leading manufacturers of wide range of Engineering Structure, Precision/Auto Tubes, Forging for Defence & Aerospace, CR Products and GI Pipes, has announced the inauguration of the New Press at its forging unit in Ghaziabad in the presence of eminent foreign dignitaries.

The new press has been imported from South Korea. It is supported by the latest technology and is fully automatic with minimum manual intervention. The total cost of the project is about Rs. 40 crore.

The Company stands to gain immensely with the commencement of operation of this press. Currently, one single largest piece of metal that can be pressed was 7000 kg. With the commencement of the new press, the single largest piece that can be pressed is 25,000 kg. With this, the overall forging capacity of the Company increased from 12,000 mtpa to 30,000 mtpa.

This brings in several advantages for the Company. Now large-sized forgings will be possible. Such forgings have wide applications in Defence, Aerospace and critical Industrial products. This development is in-line with the Company's strategy of increasing its share of Value Added products and achieving moving towards its long term goal of higher and better profitability.

Commenting on this development, Mr. M C Garg, Chairman, Goodluck India Ltd. said: "I am very happy and delighted to share with everyone about the inauguration and commencement of the new press that was recently installed. We have been keen on getting this done at the earliest as there are numerous opportunities coming across but due to lack of this capability, we had to forego. But this development opens doors to such profitable options. We will be now able to manufacture larger products for Defence, Aerospace and Critical Industrial machines.

We already have several enquiries and are confident of reaching the full utilisation levels for the new press within a very quick time frame. Since these are high value-added products, we are sure of moving upwards on EBITDA per ton matrix leading to higher and better profitability.

I take this opportunity to thank everyone involved directly or indirectly with this project I would like to convey my gratitude to the engineers, the support staff, the managerial team for their untiring efforts for the smooth and timely execution of this project. I, also, thank all the stakeholders for their help and support for the same. This will usher in a new era of technical excellence for Goodluck. We look forward to many more such opportunities in future."

Shares of Goodluck India Limited was last trading in BSE at Rs. 310.55 as compared to the previous close of Rs. 325.00. The total number of shares traded during the day was 2394 in over 63 trades.

The stock hit an intraday high of Rs. 325.00 and intraday low of 308.75. The net turnover during the day was Rs. 749887.00.

Source : Equity Bulls

Keywords

GoodluckIndia INE127I01024 NewPress ForgingUnit