Company news

| Updated on January 09, 2018 Published on November 15, 2017

Somany Ceramics has successfully completed the modernisation and upgradation of certain production lines at its plant in Kassar, Haryana. The upgradation is to increase the capacity of value-added ceramic tiles. The company has started commercial production from Wednesday. Following this, the total capacity of tile manufacturing at the Kassar plant has increased to 19.63 million square meters per annum, up from 17.13 million sq mt per annum, the company said in a statement. The board of Somany Ceramics also approved investment of up to 51 per cent in the share capital of Amora Ceramics Pvt Ltd, which proposes setting up a greenfield manufacturing plant at Morbi, Gujarat. The proposed unit at Morbi would produce 3.8 million sq mt of ceramic wall tiles annually. Shares of Somany Ceramics closed down 1.9 per cent at ₹823.85 on the NSE.

Allahabad Bank has issued a request for proposal to appoint merchant bankers as lead managers for its proposed qualified institutional placement. The last date for submission of bids is Tuesday. The bank has not mentioned the issue size in the tender notice. “The issue size may vary based on various factors, including but not limited to management discretion and the decision of the shareholders,” the tender notice said. On October 13, the share issue and allotment committee of the board of directors had approved raising up to ₹1,000 crore through a qualified institutional placement in one or more tranches in financial year 2017-18. Shares of Allahabad Bank closed at ₹74.95, 2.47 per cent lower, on the NSE.

Published on November 15, 2017
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