The company unveiled the strategic investment on Saturday (September 7), aimed at expanding its operations in the alloy steel, screws and fasteners sectors.
Chairman Devinder Garg said the move will help the company increase its presence in these sectors.
On Friday (September 6), the stock closed at ₹375 with a slight decline.
BSE-listed Garg Furnace announced on September 7, 2024 that it has approved the purchase of at least 51% stake in Vanira Industries Private Limited.
Following this acquisition, Vanira Industries will become a subsidiary of Garg Furnace.
The company said Vanira Industries has received environmental clearance from the Central Pollution Control Board to set up manufacturing facilities for two key products – alloy steel ingots, bars, rounds and self-drilling screws.
Production of self-drilling screws is expected to start in November 2024, with a gradual increase in capacity.
The alloy steel production plant will start operations after June 2026.
Garg Furnace Stock Performance
The stock hit its 52-week high of ₹441 earlier this month and recorded a low of ₹133.7 on September 15 last year.
Since its low, the stock has jumped 182% over the past year and has generated a maximum return of 230% based on its yearly high.
However, the stock has fallen 15% from its peak in less than a week.
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