Maral Overseas, with a market capitalization of over Rs.500 crore, is doing well today. From its close of yesterday at Rs.124.30, it opened today at Rs.121 and went up to an intraday high at Rs.129.35, not too far from its 5% UC of Rs.130.50.
The stock price has gone up after the Board approved setting up a spinning unit of 18,864 spindles for producing yarn at its existing Sarovar Plant (M.P.).
This has an estimated outlay of Rs.123 crore and is expected to commence production in FY24.
The board has also approved a proposal for setting up a new unit for its garment business at Noida and this has an estimated outlay of Rs.15 crore. The unit is expected to commence production in the second quarter of the FY23.