India's Lloyds Metals rises on sponge iron capacity expansion, NCD issuance
BUZZ-India's Lloyds Metals rises on sponge iron capacity expansion, NCD issuance ** Shares of India's Lloyds Metals and Energy LYMT.NS rise as much as 3.2% to 1,884 rupees; stock last up 1.9%
** Iron and steel co approved expansion of sponge iron capacity at its Ghugus plant in the state of Maharashtra to 815,000 tonnes/year and Konsari plant in Maharashtra to 92,400 tonnes/year
** Expansion will add 207,400 tonnes of annual capacity, taking co's total sponge iron capacity above 900,000 tonnes; expected within one year
** Co to invest about 1.9 billion rupees ($19.85 million) in expansion** Separately, co approved issuance of two separate non-convertible debentures aggregating up to 15.5 billion rupees
** Stock up 40.32% YTD
($1 = 95.8550 Indian rupees)
(Reporting by Anushka Rajvedi in Bengaluru)
((mailto: anushka.rajvedi@thomsonreuters.com))
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