TVS Srichakra share price added 7 percent intraday on December 8 as the company is going to ramp up manufacturing in its Madurai and Pantnagar plants.
The company in its release said that it planned capital expenditure of Rs 1,000 to ramp up manufacturing in its Madurai and Pantnagar plants.
This investment is planned to be made over a three year period and investment, when fully made, will result in an increase in 2 & 3 wheeler tyre capacity by 25-30% and doubling of off-highway tyre capacity from current levels, it added.
The investment is planned to be funded by a mix of debt and internal accruals.
The investment outlay announced will also significantly increase TVS Srichakra's capacities and technological capabilities in the off-highway tyre segment, with a clear focus on global markets.
"We believe that this capital outlay will enable TVS Eurogrip to further its growth aspirations and help strengthen its partnerships with vehicle manufacturers and create new benchmarks in the replacement and global markets. This investment reflects our fullest confidence in India's recovery and its prospects in the medium to longterm and is our contribution to Atmanirbhar Bhorat," said S Ravichandran, Director, TVS Srichakra.
At 13:11 hrs, TVS Srichakra was quoting at Rs 1,726.00, up Rs 111.50, or 6.91 percent on the BSE.
The share touched its 52-week high Rs 1,862.75 and 52-week low Rs 760 on 17 January, 2020 and 23 March, 2020, respectively.
Currently, it is trading 7.34 percent below its 52-week high and 127.11 percent above its 52-week low.
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!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
