Penny Stock Under Rs 15 In Focus as Company Proposes to Set Up New Hot Forging Plant as Part of Its Business Growth and Expansion Strategy
The stock is up by 55.5 per cent from its 52-week low of Rs 8.62 per share.
LGB Forge Limited has announced plans to expand its operations by establishing a new Hot Forging Plant in Kondampatti Village, Kinathukadavu, Coimbatore. This strategic move aims to significantly boost the production capacity of its existing product range. The company intends to achieve an annual production capacity of 0.90 million pieces by January 2025, solely through internal accruals. This expansion aligns with LGB Forge's broader business growth and expansion strategy.
On Wednesday, shares of LGB Forge Limited surged 2.21 per cent to Rs 13.40 per share from its previous closing of Rs 13.11 per share. The stock’s 52-week high is Rs 14.79 per share and its 52-week low is Rs 8.62 per share. The shares of the company saw a spurt in volume by more than 2 times.
LGB Forge Ltd., established in 2006, is a prominent manufacturer of forged and machined components. As a subsidiary of the Coimbatore-based LGB Group, the company specializes in producing a diverse range of components, including hot, warm, and cold forgings. LGB Forge caters to both domestic and international markets, primarily serving as a tier-II supplier to tier-I auto component suppliers in the passenger vehicle, light commercial vehicle, and tractor segments.
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The company has a market cap of over Rs 300 crore and stock is trading at 15.3 times its book value. The stock is up by 55.5 per cent from its 52-week low of Rs 8.62 per share. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.