India's Bigbloc Construction rises on plant's production commencement

Bigbloc Construction

12/04/2023 07:20

** Shares of building materials maker Bigbloc Construction Ltd
 BIGB.NS  rise as much as 2.8% to 128.9 rupees, their largest
intraday climb since April 5
    ** Co says it began commercial production at its AAC blocks
plant in Wada in Palghar, Maharashtra
    ** Co says plant at full capacity is expected to generate
revenue of 2 bln rupees ($24.4 mln) a year and around 350-400
people
    ** Adds total capex for project is estimated to be about 700
mln rupees
    ** Over 49,000 shares traded as of 11:38 am IST, 0.5X the
30-day moving average
    ** Stock down 12.9% YTD as of last close

($1 = 82.0400 Indian rupees)
    

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))