Maithan Alloys jumped 6.17% to Rs 1,018.85 after the company announced that it successfully switched on one of its two furnaces for manufacturing of Ferro-alloys on 5 December 2021.
The company further informed that the commercial production is expected later this month. Meanwhile, the other furnace is expected to be switched on within the next 30 days.
On 31 May 2021, Maithan Alloys announced that it is required to pay a sum of Rs 74.22 crore as consideration for acquisition of Impex Metals & Ferro Alloys (IMFAL). The NCLAT directed to complete the sale transaction by 17 June 2021. The object of acquisition was expansion and to increase the production capacity of the company by 49,500 TPA of Silioco Manganese (or 70,355 TPA of Ferro Manganese.
On 27 November 2021, National Company Law Tribunal (NCLT), Kolkata granted various reliefs and concessions sought by Maithan Alloys to run the operations of IMFAL smoothly. Subsequently, IMFAL successfully switched on one of its furnaces for manufacturing of Ferro-alloys on 5 December 2021.
Maithan Alloys is amongst India's leading manufacturers and exporters of niche value-added manganese alloys.
On a consolidated basis, the company reported a 198% jump in net profit to Rs 163.94 crore on a 62.9% rise in net sales to Rs 666 crore in Q2 FY22 over Q2 FY21.
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