On Tuesday, Salasar Techno Engineering shares rose more than 6% to Rs 54.19, giving the company a market value of more than Rs 1,660 crore.
Shares of Salasar Techno Engineering went up strongly early on Tuesday after the company said it had started up its new zinc galvanization plant, which can make 96,000 metric tonnes of zinc a year. On Monday, the company told the stock market about the new plant.
A new Zinc Galvanization Plant (GI Plant) has been built and turned on by Salasar Techno Engineering. In a report with the stock exchange, the company said that the facility’s Unit III, which is in the Khera village of Hapur, Uttar Pradesh (UP), has begun operations. The facility can handle 96,000 metric tonnes per year.
Salasar Techno will be able to grow and expand with the help of the new Zinc Galvanization plant. The plant is one of the biggest in the world, which helps the company meet the growing demand for high-quality galvanised products in many industries, especially for gearbox line monopoles and large structures in infrastructure, building, automotive and more.
After the news, Salasar Techno Engineering shares went up more than 6% to Rs 54.19 on Tuesday, giving the company a market value of more than Rs 1,660 crore. In the last trade session, the price of the scrip was Rs 51.09. From when the stock was at its 52-week low, owners’ wealth has almost doubled.
“The fact that we were able to install and start up our new zinc galvanization plant without any problems shows that we are committed to quality and new ideas. Shashank Agarwal, Joint Managing Director at Salasar Techno Engineering, said, “This facility will help us better serve our customers and meet the growing demand for high-quality galvanised products.”
Energy Development Corporation recently gave the company an EPC deal for the Rwanda Transmission System Reinforcement and last mile connectivity project worth $9.40 million (Rs 75.24 crore). The company said that this work must be finished within 18 months.
Salasar Techno Engineering was founded in 2006 and is a leader in the engineering, designing, procurement, fabrication, galvanization, and EPC (engineering, procurement, construction, and commissioning) sectors for rural electricity, power transmission lines, and solar power plants. On September 23, the company held its annual general meeting (AGM).