Rico Auto shares gain on plans to set up new plant

By: | Updated: June 7, 2017 5:55 PM

Rico Auto Industries shares gained over 7 per cent intraday after the company informed bourses that it is planning to set up new auto component manufacturing plant in Rajasthan.

bse sensex nse nifty rico auto sharesRico Auto Industries shares gained over 7 per cent intraday after the company informed bourses that it is planning to set up new auto component manufacturing plant in Rajasthan. (Photo: PTI)

Rico Auto Industries shares gained over 7 per cent intraday after the company informed bourses that it is planning to set up new auto component manufacturing plant in Rajasthan. The unit is likely to commence commercial operation in next financial year.

At 12.16 pm, shares of Rico Auto Industries were trading 5.60 per cent up at Rs 44.35. The scrip opened at Rs 43.20 and has touched a high and low of Rs 45.10 and Rs 43, respectively, in trade so far.

Later, the scrip closed 3.81 per cent up at Rs 43.60. Sensex settled 181 points up at 27,808.

In a BSE filing, Rico Auto said, “The company has laid foundation stone for a new manufacturing plant at Pathredi, Bhiwadi (Rajasthan) for the manufacturing of auto components on July 07, 2016. This factory premises is being built on a plot of 11.3 acres. Latest manufacturing technology would be implemented in the new facility. Rico Auto is hopeful to start commercial production at the new plant by the next financial year.”

For the financial year ended March 31, 2016, the company reported a consolidated net profit of Rs 29.44 crore, down 80.81 per cent, against Rs 153.43 crore a year ago.

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