Goodluck India rose 4.06% to Rs 91.05 at 12:22 IST on BSE after the company announced that it is coming up with new manufacturing facility for its existing line of business in Gujarat.
The announcement was made after market hours yesterday, 10 April 2017.Meanwhile, the S&P BSE Sensex was up 157.78 points or 0.53% at 29,733.52. The S&P BSE Small-Cap index was up 86.57 points or 0.59% at 14,862.60.
On the BSE, so far 23,000 shares were traded in the counter, compared with average daily volumes of 14,089 shares in the past one quarter. The stock had hit a high of Rs 91.70 and a low of Rs 88.15 so far during the day.
The stock hit a record high of Rs 134.40 on 3 August 2016. The stock hit a 52-week low of Rs 78.10 on 22 November 2016. The stock had outperformed the market over the past one month till 10 April 2017, rising 3.49% compared with 2.17% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 5.46% as against Sensex's 9.95% rise.
The small-cap company has equity capital of Rs 4.40 crore. Face value per share is Rs 2.
Goodluck India announced that the company is coming up with new manufacturing facility for its existing line of business eg. steel tubes, pipes, precision tubes etc. at its land situated at village: SikraTaluka-Bhachau (Kachchh), Gujarat. The company's existing manufacturing capacity is 2,30,000 MTPA and presently running at optimal capacity utilization The proposed manufacturing facility of approx 72,000 MTPA will add in the company's total production capacity, Goodluck India said.
The proposed manufacturing facility is coming up at company's already owned land in Gujarat with the total investment of Rs 74 crore which will met by debt and internal accruals/promoters contribution. The plant is expected to be commissioned by April 2018, the company said.
The location of proposed facility is within proximity of two ports i.e. Kandla Sea Port and Mundra Sea Port and strategically very suitable to the proposed project as it will reduce freight cost for exports to a significant extent and will give an edge over the competitors. Beside that proposed location for the project is well equipped with all the basic amenities and infrastructure facilities for the industry, it added.
Net profit of Goodluck India declined 80.54% to Rs 1.52 crore on 16.34% rise in net sales to Rs 302.94 crore in Q3 December 2016 over Q3 December 2015.
Goodluck India changed its name from Good Luck Steel Tubes in June 2016. The company is engaged in manufacturing and exporting of a wide range of galvanized sheets & coils, towers, hollow sections, CR coils CRCA and pipes & tubes. It also specializes in providing telecommunication structures, ERW steel tubes, ERW steel pipes, and galvanized black steel tubes.
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