Gujarat Ambuja Exports spikes on commencement of maize plant

Gujarat Ambuja Exports has informed the bourses that it has commenced the commercial operations of the first phase of its 1,000 MT per day greenfield maize processing plant set up at Chalisgaon in Maharashtra. The entire project costs around Rs. 260 crore.

With this facility, the company's total installed capacity for maize grinding has reached to 3,000 MT per day, which is the highest capacity in the country. The maize processing segment has contributed around 14 per cent to top line growth and this steady growth also helped the segment to sustain its earning level at around 15 per cent.

Gujarat Ambuja Exports is India’s leading manufacturer of starch derivatives, soya derivatives and cotton yarn. GAEL has six solvent extraction plants in various parts of India with a combined crushing capacity of 4,500 MTS per day, edible oil refineries and plants for manufacturing hydrogenated vegetable oil, lecithin, bakery shortening as well as wheat milling division.

On Monday, the stock opened at Rs. 277.45 per share and made an intra-day high of Rs. 303.40, up by almost 9 per cent.