Salasar Techno shares jump 6% as company commissions a new zinc galvanization plant

Shares of Salasar Techno Engineering rose sharply during the early trading session on Tuesday after the company announced the commissioning of its new zinc galvanization plant of an annual capacity of 96,000 metric tons. The company informed about the new plant through an exchange filing on Monday.

Salasar Techno Engineering has successfully installed and commissioned a new Zinc Galvanization Plant (GI Plant). The facility boasts an annual capacity of 96,000 metric tons and has commenced operations at its Unit - III, located in Khera village of Hapur, Uttar Pradesh (UP), said the company in its exchange filing.

The new Zinc Galvanization plant will support Salasar Techno's journey of growth and expansion. The plant is one of the largest in the world which helps the company to meet the growing demand for high-quality galvanized products in various industries, especially for transmission line monopoles & large size structures including infrastructure, construction, automotive, and more.

Following the announcement, shares of Salasar Techno Engineering surged more than 6 per cent to Rs 54.19 on Tuesday, with a total market capitalization of more than Rs 1,660 crore. The scrip had settled at Rs 51.09 in the previous trading session. The stock has almost doubled investors' wealth from its 52-week low levels.

"The successful installation and commissioning of our new Zinc Galvanization Plant is a testament to our commitment to excellence and innovation. This facility will empower us to better serve our clients and meet the ever-growing demand for high-quality galvanized products," said Shashank Agarwal, Joint Managing Director at Salasar Techno Engineering.

Recently, the company had bagged an EPC contract worth $9.40 million (Rs 75.24 crore) by Energy Development Corporation for the Rwanda Transmission System Reinforcement and last mile connectivity project. This order shall be completed within a period of 18 months, said the company.

Incorporated in 2006, Salasar Techno Engineering is a leading player in the engineering, designing, procurement, fabrication, galvanization, and EPC sectors for rural electrification, power transmission lines and solar power plants. The company held its annual general meeting (AGM) on Saturday, September 23.

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