NCL Industries forms JV with Chinese steel company
NCL Industries Limited has signed an agreement to establish joint venture with Qingdao Xinguangzheng Steel Structure Company Ltd., China. The joint venture is formed for the manufacturing of pre-engineered steel structures in India.
As per the terms of agreement, NCL and the Chinese partner will share the equity in the ratio of 70:30 in the joint venture company.
The estimated project cost for the venture is around Rs. 35 crore and the equity investment of NCL in the joint venture will be in the range of Rs. 7.70 crore.
Recently, Crisil has reaffirmed the long term bank loan facilities and debt facilities to CRISIL A-/Stable and the short term to CRISIL A2+/Stable. The fixed deposits’ rating was reaffirmed to FA/Stable.
During the June quarter, NCL industries reported 4 per cent and 13 per cent YoY increase in its cement and cement boards production respectively. Meanwhile, the cement and cement boards’ dispatches rose by 3 per cent and 9 per cent YoY respectively.
On Friday, the stock of NCL Industries closed at Rs. 103.05, down by 1.1 per cent from previous close of Rs. 104.20. It had hit an intra-day high and low of Rs. 107.25 and Rs. 98 respectively.