Ultramarine & Pigments approves revised cost of expansion projects

The Board of Directors of Ultramarine & Pigments Limited at its meeting held today has approved the revised project cost relating to the greenfield project under implementation through the wholly owned subsidiary for manufacturing Pigments at Industrial Park - Naidupet, Nellore district, Andhra Pradesh.

The project cost is revised considering the additional equipment including pollution control equipment and cost escalation due to additional civil construction.

The board approved the proposed Specialty Chemical Project of the company for capacity addition of 1,800 MT at an outlay of Rs. 2115 lakhs. The mode of financing will be through mix of internal accruals and debt. The capacity is to be added in a phased manner from 3rd quarter of Financial year 2022-23 and full capacity in the financial year 2027-28.

The existing project cost of the project for capacity addition of 1,500 MT being executed by Ultramarine Specialty Chemicals Limited has increased from Rs.6,650 Lakhs to Rs.7,550 Lakhs. The additional cost of Rs. 900 Lakhs will be funded through debt. The capacity is to be added in a phased manner starting from April, 2022 to December, 2022.

Shares of ULTRAMARINE & PIGMENTS LTD. was last trading in BSE at Rs. 301.85 as compared to the previous close of Rs. 305.45. The total number of shares traded during the day was 17924 in over 546 trades.

The stock hit an intraday high of Rs. 309.45 and intraday low of 300.00. The net turnover during the day was Rs. 5452036.00.

Source : Equity Bulls

Keywords

ULTRAMARINEandPIGMENTS INE405A01021 ProjectCost Revision ExpansionProject