iStockShares of smallcap laminate producer Greenlam Industries zoomed 11% to Rs 446 in Friday's intraday trade on BSE after the company announced that it started commercial production at its Tamil Nadu manufacturing plant.
The company has informed that the manufacturing facility at Tindivanam, Tamil Nadu having an installed capacity of 18.9 million square meters per annum has commenced commercial production w.e.f. June 09, 2023, which has the potential to generate revenue of Rs 400 crores per annum on full capacity utilization.
The total capex incurred for the project stands at Rs 130 crore approx till the commencement of the commercial production.
Earlier, the company had informed regarding setting up a greenfield project for manufacturing of plywood and allied products at Tindivanam, Tamil Nadu by a subsidiary HG Industries, with an estimated investment of Rs 125 crore.
At 11.24 am, the stock was trading 6.3% higher at Rs 428 on BSE over its last day's closing price of Rs 403 apiece. On a year-to-date, the stock has surged 32%, while it has given a return of 41% in the last one month.
In Q4FY23, the company reported a 110% year-on-year (YoY) increase in net profit at Rs 54.32 crore. Its total revenue stood at Rs 489.14 crore, an increase of 16% from Rs 423 crore in the same quarter of the previous fiscal.
As per Trendlyne data, the average target price of the stock is Rs 393, which shows a downside of 8% from the current market prices. The consensus recommendation from 7 analysts for Greenlam Industries is a buy. Out of these analysts, six have strong buy, while one has a hold rating.
Technically, the stock's day RSI (14) is at 76.4. The RSI below 30 is considered oversold and above 70 is overbought, Trendlyne data showed. MACD is at 15.8, which is above its center and signal Line, this is a bullish indicator.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
The company has informed that the manufacturing facility at Tindivanam, Tamil Nadu having an installed capacity of 18.9 million square meters per annum has commenced commercial production w.e.f. June 09, 2023, which has the potential to generate revenue of Rs 400 crores per annum on full capacity utilization.
The total capex incurred for the project stands at Rs 130 crore approx till the commencement of the commercial production.
Earlier, the company had informed regarding setting up a greenfield project for manufacturing of plywood and allied products at Tindivanam, Tamil Nadu by a subsidiary HG Industries, with an estimated investment of Rs 125 crore.
At 11.24 am, the stock was trading 6.3% higher at Rs 428 on BSE over its last day's closing price of Rs 403 apiece. On a year-to-date, the stock has surged 32%, while it has given a return of 41% in the last one month.
In Q4FY23, the company reported a 110% year-on-year (YoY) increase in net profit at Rs 54.32 crore. Its total revenue stood at Rs 489.14 crore, an increase of 16% from Rs 423 crore in the same quarter of the previous fiscal.
As per Trendlyne data, the average target price of the stock is Rs 393, which shows a downside of 8% from the current market prices. The consensus recommendation from 7 analysts for Greenlam Industries is a buy. Out of these analysts, six have strong buy, while one has a hold rating.
Technically, the stock's day RSI (14) is at 76.4. The RSI below 30 is considered oversold and above 70 is overbought, Trendlyne data showed. MACD is at 15.8, which is above its center and signal Line, this is a bullish indicator.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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