The company revealed this strategic investment on Saturday (September 7), aiming to expand its business into the alloy steel, screws, and fasteners sectors.
Chairman Devinder Garg stated that this move will help the company grow its presence in these industries.
On Friday (September 6), the stock closed at ₹375 with a minor decline.
Garg Furnace, listed on the BSE, announced on September 7, 2024, that it approved the purchase of at least a 51% stake in Vanira Industries Private Limited.
Following this acquisition, Vanira Industries will become a subsidiary of Garg Furnace.
The company shared that Vanira Industries has received environmental clearance from the Central Pollution Control Board to establish manufacturing facilities for two key products: alloy steel ingots, bars, rounds, and self-drilling screws.
The company shared that Vanira Industries has received environmental clearance from the Central Pollution Control Board to establish manufacturing facilities for two key products: alloy steel ingots, bars, rounds, and self-drilling screws.
Production of self-drilling screws is set to start in November 2024, with a gradual increase in capacity.
The alloy steel production facility will begin operations after June 2026.
Stock performance of Garg Furnace
The stock reached its 52-week high of ₹441 earlier this month and recorded a low of ₹133.7 on September 15 last year.
From its lowest point, the stock has surged by 182% in the last year and delivered a maximum return of 230% based on its yearly high.
However, the stock has dropped 15% from its peak in less than a week.
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