After hitting a 52-week low on Monday, March 3, Maan Aluminium's share price surged by approximately 5 per cent in a single day, reaching INR 98.93 on Thursday, March 6. This increase also marked a 16.12 per cent gain compared to the price of INR 85.2 on March 3.
Image source: Maan Aluminium
The boost in share price followed the company's announcement regarding its acquisition of land in Devas, Madhya Pradesh, to expand aluminium extrusion manufacturing operations. In a regulatory filing, Maan Aluminium revealed that the land would be used for the expansion of its aluminium extrusion business and the addition of value-added services.
Maan Aluminium has reportedly acquired a building along with 13,117 square metres of leasehold land located at 81A and 82C, Devas Industrial Area, M B Road, Devas, Madhya Pradesh, at the cost of INR 8.75 crore, excluding stamp duty and other charges.
Maan Aluminium, engaged in manufacturing and trading aluminium profiles, has an annual capacity of 24,000 tonnes, double from 12,000 tonnes after it started commercial production on new press in December 2024. The new extrusion line accommodates profiles up to 300 mm and supports all alloy series from 1000-7000, meeting the growing demand for more versatile profiles in both Indian and global markets
However, despite the jump today, Maan Aluminium's share price still lags 11.75 per cent behind the previous month's share price of INR 112.10.
Responses
