Lloyds Metals and Energy indeed is showing a lot of energy this morning. The stock, which had closed yesterday at Rs.16.19, rose to Rs.16.80 and went on to hit a new high at Rs.17.49, rising up over 8%.
The stock price has reacted positively to the news that the Govt of Maharashtra has conferred the “Mega Project” status to its proposed expansion project, with an investment of Rs. 1000 crore.
This project is at Ghugus, Chandrapur. Period of vnvestment is 5 years from 01.04.2019 for the proposed project of the company.
The ‘mega project’ status gives the company a lot of incentives including electricity duty exemption for 7 years, 100% stamp duty exemption for 7 years and industrial promotion subsidy.
There are other conditions too:
1. IPS as Mega Project will commence on investment of Rs. 200 crore by the company
2. Commencement of IPS shall be determined by Lloyds Metals within a period of 3 years from commencement of Commercial Production.
3. Modalities of Sanction and Disbursement of IPS shall be as per Government of Maharashtra GR dated 12.06.2018, 20.12.2018 & 16.09.2019.
4. Company shall engage Apprentice 2% to 15% of the total employment as per provisions of Apprentice Act, 1961.