Indsil Hydro Power jumps 5% on expansion project by joint venture overseas subsidiary

Indsil Hydro Power and Manganese shares rallied 5 percent intraday Monday after its joint venture overseas subsidiary launched expansion project.

The company's joint venture overseas subsidiary Al-Tamman Indsil Ferrochrome LLC has launched its 2nd Phase expansion project.

"The expansion programme consists of installing one more 24 MVA sub merged arc furnace to produce ferro chrome. This will be in addition to the two existing 24 MVA sub merged arc furnaces presently producing ferro chrome," the low carbon silico ferro ferro chrome manufacturer said.

With this expansion, the capacity will move up from 75,000 tonne per year to 1,15,000 tonne per year of ferro chrome.