Shares of West Coast Paper Mills were locked at the 5 percent upper circuit in early trade on February 15 after the company's subsidiary doubled its manufacturing capacity for optical fibre cable.
At 9:27am, Indian Renewable Energy Development Agency was quoting at Rs 176.75, up Rs 8.40, or 4.99 percent, on the BSE.
There were pending buy orders of 2,013,684 shares, with no sellers available.
West Coast Optilinks (WCO), a division of the company has successfully doubled its manufacturing capacity for optical fibre cable by setting up a new manufacturing unit at Fab City, Hyderabad, Telangana, the company said.
The newly commissioned plant has started its commercial production on February 14 from the earlier projected timeline for the plant's commissioning at April 1, 2024.
Catch all market action in our live blog
The company is manufacturing a diverse range of optical fibre cables at its facility in Mysore to meet the demands of the global telecom and utilities sectors. The company exports its optical fiber cables to Europe and the MEA region.
The Telangana manufacturing unit will be the second unit after Mysore.
The company had posted a net profit of Rs 77.64 crore and revenue of Rs 564.73 crore in December 2023.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
