Shares of Ingersoll Rand (India) rose 3.31% to Rs 1,874.10 after the board of directors of Ingersoll Rand (India) approved the establishment of a new plant in Gujarat state to increase the manufacturing capacity of existing products and the manufacture of new products.

The company’s capacity has increased from 10,000 units per month to  15,000 units per month and also helps cater to domestic and export demand.

An additional capacity of 5,000 units per month by the end of September 2024. The project requires an investment of Rs 170 crore (plus a contingency of up to a maximum of 7%), which would be financed from internal accruals.

Upon becoming fully operational, the new plant will manufacture a new range of air treatment devices, air compressors and hydrogen compressors to cater to the requirement of domestic as well as export markets in Europe, the Middle East and Africa Ingersoll-Rand.

In the domestic market, revenue is from the sale of rotary, reciprocating and centrifugal compressors and spares and exports to its parent and affiliates.

On a consolidated basis, the net profit jumps at 36.23% to Rs 35.46 crore on a 2.02% rise in sales to Rs 253.94 crore on September 2022 over September 2021.