Stock Report

Coastal Corporation Ltd commences trial production at its new plant

Posted On : 2022-04-05 21:38:49( TIMEZONE : IST )

Coastal Corporation Ltd has announced the trial production of its new plant i.e Unit III at Kakinada SEZ on 05.02.2022 and is now fully ready to be commissioned.

The CAPEX of Rs. 70 Crores was invested by the Company in the Unit III. The new facility has production capacity of 35 MTPD. This facility is a completely integrated facility. The trial production has started today i.e., 05.02. 2022. The Commercial production will be commenced in the next 10 to 15 days.

Unit III shall augment Company's value-added supply to various parts of the Globe. The new plant will be an important base for expanding global sales in the future.

This development is in line with the Company's commitment towards fostering sustainable growth while also creating job opportunities in the region. This capacity addition will enable the company to expand its footprints and ensure sufficient and timely supplies thereby adding to efficiencies of the supply chain.

The company had also earlier announced about 3.6 MW DC Solar Power Plant at Daleshwaram Village, Kanchili Mandal, Srikakulam with a Capex of INR 14 Crore. The project is likely to commence in the next week and the company has received approval from Andhra Pradesh Chief Electrical Inspector to Govt.(APCEIG) for captive consumption and the Company would be getting credit set off of units consumed at Unit-I, II & III to the extent of units generated at solar plant. This initiative to move towards renewable energy and reduce carbon foot print, will also reduce the power cost and the Company's dependence on APEPDCL.

Shares of COASTAL CORPORATION LTD. was last trading in BSE at Rs. 398.65 as compared to the previous close of Rs. 367.10. The total number of shares traded during the day was 33236 in over 3870 trades.

The stock hit an intraday high of Rs. 402.20 and intraday low of 367.10. The net turnover during the day was Rs. 12662414.00.