The company said the seventh manufacturing facility at Sangareddy, Telangana has commenced production much ahead of schedule. The facility allows the company to expand pan India manufacturing capacity, and make greater in-roads into the Southern region.
Meanwhile, the sharp increase in budgetary allocation for Jal Jeevan Mission program and extended tax sops on affordable housing is viewed highly positive for companies with high exposure to plumbing pipe segment.
"Higher government budgetary allocation for urban development is expected to drive the plastic pipe demand used for the infrastructure sector. Given the government continued focus to improve farm income and high budgetary allocation for the agriculture sector, we believe that this segment can witness improved demand in FY22," the company said in investor presentation.
At 11:21 am, the stock was trading 14 per cent higher at Rs 382 on the BSE, as compared to 0.04 per cent decline in the S&P BSE Sensex. A combined 2.3 million equity shares were changing hands on the counter NSE and BSE.
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