This Rakesh Jhunjhunwala-backed company's shares hit upper circuit post partnering with a world-renowned company!

Ramesh Damani, Utpal Sheth, Mukul Agrawal and LN Bangur were among the notable capital market investors, who made investments in the company earlier in 2021.

Following the announcement of a partnership with a leading global supplier Capital Refractories, the shares of Rakesh Jhunjhunwala-backed Raghav Productivity Enhancers rallied and locked in the 5 per cent upper circuit on BSE at Rs 561.35 today.  

With its foundry & casting customers, Capital Refractories will use its global distribution network to expand the silica ramming mass business. One of the biggest refractory companies in the world, Capital Refractories is based in the UK. It has 67 locations throughout a refractory distribution network that spans six continents. It has manufacturing facilities dispersed across eight countries.  

Raghav Productivity Enhancers, which invented the fully-automated silica ramming mass plant, applied for a global process patent in October 2018. It is the only business in the mineral industry with a government-approved research & development facility that received approval from the Department of Scientific & Industrial Research (DSIR). The company’s ability to produce products with the greatest degree of cost-effective customisation for its clients has helped it take the lead in the mass market for silica ramming worldwide.   

For its new ramming mass plant, Rakesh Jhunjhunwala invested Rs 30.90 crore in the company. The plant will begin its operations in October 2022 after being set up, using the company's proprietary process. Besides, Ramesh Damani, Utpal Sheth, Mukul Agrawal, LN Bangur, and Prateek Kela were among the notable capital market investors, who made investments in the company earlier in 2021.  

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