Omax Autos surges 5 per cent on plans of new unit

Omax Autos held a board meeting on Friday, September 7 where they approved the proposal for establishing a new manufacturing unit in Uttar Pradesh. The stock climbed up 5 per cent intraday post the news.

The new unit will be engaged in the manufacture of railway products and equipments. The company is yet to decide on the location of the plant. The expansion plan would require approximately Rs. 100 crore to Rs. 200 crore which would be accumulated by disposing-off the existing surplus assets and also by external borrowings.

Omax Autos Limited is engaged in the sale of motor vehicle parts and its accessories. The company manufactures automotive components and parts for the two-wheeler and four-wheeler industry. The company also has presence in railways, heavy fabrication and energy areas.

On Monday, the share of Omax Autos reached an intraday high of Rs. 117.30 per share and intraday low of Rs. 113.35 per share on the BSE. The 52-week high was Rs. 215.90 and the 52-week low was 62.10 per share on the BSE.

At 14:34 hours, the shares of the company was trading at Rs. 114.20 per share, up by 2.19 per cent. Meanwhile, the BSE Sensex was at 37,954 level, down by 1.13 per cent and Nifty50 was at 11,450.85 down by 1.19 per cent.