India's Universal Cables climbs on additional capex approval for facility

Universal Cables

26/03/2024 05:51

** Shares of cables and capacitors maker Universal Cables
 UNVR.NS  rise as much as 6% to 445.10 rupees, and last up 5.6%
    ** Stock on track for best day since mid-Nov 2023; also eyes
fourth consecutive session of gains
    ** Co on Friday approved additional capital expenditure of
about 200 mln rupees ($2.4 mln) to increase production capacity
at its facility at Satna in the state of Madhya Pradesh
    ** Volumes at over 2.4x the 30-day avg; eyes busiest day in
11 sessions
    ** Stock last up 5.6%, cutting YTD losses to 14.3%


($1 = 83.3400 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))