Salasar Techno Shares Jump 6% As Company Commissions A New Zinc Galvanization Plant
Shares of Salasar Techno Engineering rose in the opening trading session on Tuesday after the company announced the commissioning of a new zinc galvanizing plant with a capacity of 96,000 metric tons per year. The company announced the new factory in an exchange statement on Monday.
Salasar Techno Engineering has successfully installed and commissioned a new galvanizing plant (GI Plant). The company has a capacity of 96,000 MT per annum and has started operations at its unit in Hapur, Uttar Pradesh (UP) - III Khera village.
The new zinc galvanizing plant will facilitate the growth and expansion of Salasar Techno. The factory is considered one of the largest factories in the world, which helps the company meet the growing demand for high-quality galvanized products in various sectors, especially power line monopolies and large structures, including the infrastructure, construction, automotive and other sectors.
Shares of Salasar Techno Engineering rose over 6% to Rs 54.19 on Tuesday, taking its market capitalization to over Rs 1.66 billion after the announcement. In the previous trading session, it cost 51.09 rubles. The stock has nearly doubled investor power from its 52-week low.
“The successful installation and commissioning of our new galvanizing plant is a testament to our commitment to excellence and innovation. This plant will allow us to better serve our customers and meet the growing demand for high-quality galvanized products,” said Shashank, Joint Managing Director, Salasar Techno Engineering.
The company recently won a $9.40 million (EUR 75.24 million) EPC contract from the Energy Development Corporation for a project to enhance and connect the last mile of Rwanda's power transmission system. The company said that this order will be completed within 18 months.
In 2006, Salasar Techno Engineering started its operations in the areas of Design, Engineering, Procurement, Fabrication, Electroplating and EPC for Rural Electrification, Transmission Lines and Solar Power Plants. On Saturday, September 23, the company held its annual general assembly.
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