It seems to be moving since the Annual Report came out
On quick look, one interesting thing in this year’s Annual Report is:
During the year the company has started installation of new plant of boric acid derivatives at the current location of the plant at Pithampur, The installation of the plant expected to be completed by the end of September, 2023 and the actual production expected to be start from the November, 2023.
Though this was first announced on 15th Sept 2022 (https://www.bseindia.com/xml-data/corpfiling/AttachHis/21798132-5d12-40ca-8648-6961366c3e91.pdf)
Them finally putting in money towards the expansion of their core business and possibly some new products is definitely a positive; though no info yet on exactly which products and no indication of the size of capex. We do know that it’ll entirely be funded by internal accruals and the cash on books of 80cr is actually a good number, absolutely no idea on how big the capex would be but even 20cr towards expansion into derivate products might be great and maybe that is what’s making the stock move? (P.S. Just thinking out loud based on the data available, they haven’t given out any more info publically yet)
No signs of that expansion being into Lithium Hydroxide though, because this is clear that it’s just boric acid derivatives.
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