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

The stock has rallied 555% over the past three years to a 52-week high of Rs 30.9 and was trading at Rs 22.6 on the morning of February 28.

News reports said the company would set up the plant at Pangidi in the East Godavari district, creating 2,000 jobs. It added that Varun Gupta, managing director of Triveni Glass, met Chief Minister YS Jagan Mohan Reddy on February 27 and discussed investments in the state, which is on the verge of holding the Global Investors Summit in Visakhapatnam on March 3 and 4.

News reports say Reddy pledged to cooperate fully with Triveni Glass and told Gupta that the state offers good human resources and other facilities.

Triveni Glass’ stand-alone revenue rose to Rs 1.6 crore in the December quarter from Rs 0.07 crore a year earlier, while a net profit of Rs 1.13 crore against a net loss of Rs 0.1 crore.