Shares of Omax Autos gained 5 percent in the opening trade on Friday as company approved to double its existing capacity.
The company approved the proposal for diversification and expansion of existing capacity for manufacturing products and equipment supplied to railways.
The company has existing manufacturing capacity of around 4,800 tonnes per annum of steel into various parts and equipment required by the railways.
The proposed capacity addition is to be done in next 2-3 years, in phases with an investment of Rs 100 crore to Rs 120 crore.
The proposed investment is to be funded by realisation from disposal of existing surplus assets, internal accruals and external borrowings.
At 09:30 hrs Omax Autos was quoting at Rs 151, up Rs 4.40, or 3 percent on the BSE.
Posted by Rakesh Patil
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