Balkrishna Industries Ltd. has commissioned a plant for advanced carbon material, which has a capacity of 30,000 metric tonnes per annum, according to an exchange filing on Thursday.
The plan to set up the plant was disclosed by Balkrishna Industries in February 2021. The company had then stated that its board has given the nod to enhance the installed capacity of carbon from 1.15 lakh MTPA to 2 lakh MTPA, including 30,000 MTPA of high-value advanced carbon material.
The project was expected to be completed by the first half of financial year 2022–23, and the estimated capex cost of the project was seen up to Rs 650 crore.
In its fresh announcement related to the commissioning of the plant, the company did not specify the final amount at which the project was executed.
Balkrishna Industries' stock closed 1.8% higher at Rs 3,090.05 apiece on the NSE, compared to 0.15% the benchmark Nifty. The plant's commissioning was announced after the market hours. On a year-to-date basis, the shares are up 20%.
Nine out of the 24 analysts have a 'buy' rating on the stock, six suggest 'hold', and nine others have a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 23%.
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