Pradeep Metals gains on plan to install 2.1 MW Wind Power Plant for captive use

Pradeep Metals is currently trading at Rs 60.50, up by 0.90 points or 1.51% from its previous closing of Rs 59.60 on the BSE. The scrip opened at Rs. 62.60 and has touched a high and low of Rs. 62.60 and Rs. 58.00 respectively. So far 8094 shares were traded on the counter. The BSE group 'B ' stock of face value Rs. 10 has touched a 52 week high of Rs. 65.00 on 18-Nov-2014 and a 52 week low of Rs. 14.35 on 26-Nov-2013. Last one week high and low of the scrip stood at Rs. 65.00 and Rs. 47.50 respectively. The current market cap of the company is Rs. 105.26 crore. The promoters holding in the company stood at 67.38% while Institutions and Non-Institutions held 0.08% and 32.54% respectively. Pradeep Metals has received an approval to install 2.1 MW Wind Power Plant for captive use at project cost of about Rs 14 crore and invest about Rs 16.80 crore in a joint venture (JV) to be formed in USA for acquiring a CNC Machine Shop. These will be financed from permissible bank loans and internal accruals. The board of directors at their meeting held on November 12, 2014 has approved for the same. Pradeep Metals is engaged in manufacturing of forgings for the defence, automobile, engineering and petrochemical industries, both for domestic and international markets.