Share price of the stock engaged in the production and processing of metals and minerals, moved up by nearly 5% on NSE to Rs. 589.45 in the trading session of Monday, compared to its previous closing price of Rs. 561.4, after reporting the commencement of commercial production at its new manufacturing facility.
With a market capitalisation of Rs. 1,063.6 crores, at 01:23 p.m. the shares of Owais Metal and Mineral Processing Limited were trading in the green at Rs. 584.95, up by 4.2 percent.
According to recent regulatory filings with the stock exchanges, commercial production at the company’s new Quartz Stone Slab Manufacturing Plant situated at Udaipur, Rajasthan, has been successfully commenced with effect from April 7.
Owais Metal and Mineral Processing has taken on lease an ongoing Quartz Stone Slab Manufacturing Plant, the plant is spread across an area of 15,303 sq. mtr. and has an installed capacity to manufacture 50 Quartz Stone Slabs in 12 hours.
The company by taking on lease the aforementioned plant takes a step ahead towards a forward integration of its Quartz processing activities by manufacturing and selling the finished products known as Quartz Stone Slab.
The company would be selling the Quartz Stone slabs under the brand name of “OWAIS SURFACE”.
The company’s indirect income stands at a total of Rs. 1.45 crore which includes Rs. 10,088 in bank interest, Rs. 84,790 in interest on FDR, and Rs. 21.8 lakh in interest on loans and advances.
The direct expenses amount to Rs. 3.55 crore including work contract expenses of Rs. 2.4 crore and power and fuel expenses of Rs. 48.9 lakh.
Incorporated in 2022, Owais Metal and Mineral Processing Limited is engaged in the manufacturing of Manganese Oxide (MNO), MC Manganese and Wood Charcoal as well as the processing of minerals such as Quartz and manganese ore.
Written by Shivani Singh
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