Shares of Schneider Electric Infra hit a new 52-week high of Rs 167.85 on the NSE after its board approved Rs 138 crore expansion project
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Shares of heavy electrical equipment manufacturer Schneider Electric Infra surged 14 percent and hit a new 52-week high of Rs 167.85 on the NSE after the company’s board approved enhancing the production capacity of vacuum interrupters and vacuum circuit breakers by setting up a manufacturing unit in Kolkata.
According to an exchange filing, Rs 138 crore will be incurred for this project over a period of three years.
“Rationale behind this expansion is to meet domestic demand as well as increase export to Schneider Electric’s global entities to accelerate Make in India, aligned with Aatmanirbhar Bharat initiative of the Government of India,” the company informed.
Proposed capacity addition entails 180k MV Vacuum Interrupters and MV Vacuum Circuit Breakers assembly lines, as per the exchange notice. This will be achieved by FY 2027-28 with progressive investment and first mature production in 2025.
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In Q1FY23, Schneider Electric Infra reported a profit of Rs 26.5 crore against loss of Rs 16.08 crore in year-ago period, partly aided by exceptional gain and operating income. Revenue jumped 29 percent YoY to Rs 371.48 crore in the same period.
In this quarter so far, the stock has rallied over 45 percent. We asked Shrikant Chouhan of Kotak Securities for a trading strategy on the stock and here’s what he had to say:
“We are of the view of that the short term texture of the stock is still in the positive side but due to temporary overbought situation we could see rangebound activity in the near future. Hence, buying on dips and sell on rallies would be the ideal strategy for the short term traders. Rs 140 and Rs 135 would be the key support zone.”
The stock had previously hit a fresh 52-week high of Rs 154 on 26 April, 2022.
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