Triveni Glass hits 5% upper circuit on news of solar glass plant in Andhra

Shares of Triveni Glass were locked in its 5 percent upper circuit at Rs 22.60 on February 28 following a news report that the glassmaker will invest Rs 1,000 crore to set up an 840-tonne-a-day solar glass manufacturing plant in Andhra Pradesh.

The stock has zoomed 555 percent in the past three years, reaching a 52-week high of Rs 30.9, and traded at Rs 22.6 in February 28 morning.

The company will set up the plant at Pangidi in East Godavari district, which will create 2,000 jobs, the news report said. It added that Triveni Glass Managing Director Varun Gupta met Chief Minister YS Jagan Mohan Reddy on February 27 and deliberated on investments in the state, which is on the cusp of holding the Global Investors’ Summit in Visakhapatnam on March 3 and 4.

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Reddy promised full cooperation to Triveni Glass and told Gupta that the State offers good human resources and other facilities, the news report said.

Triveni Glass’ standalone revenue touched Rs 1.6 crore in the December quarter from Rs 0.07 crore a year ago, while net profit came in at Rs 1.13 crore as compared to a net loss of Rs 0.1 crore.