Kalyani Steels stock hits record high after inking mega deal with Odisha govt

Kalyani Steels Ltd shares surged to a record high of ₹889 apiece on Friday, February 23, after the company signed a Memorandum of Understanding (MoU) with the government of Odisha to set up a manufacturing plant.

The company will establish a 0.7 MTPA (million tonnes per annum) integrated advanced specialty steel and automotive components manufacturing complex with an estimated investment of ₹6,626 crore, according to the MoU.

Additionally, the agreement includes setting up the first phase of an integrated titanium metal/alloy and aerospace and defence components manufacturing plant of 10,000 TPA (tonnes per annum) capacity with an estimated investment of ₹5,124 crore.

Kalyani Steels, which is part of Kalyani Group, is engaged in the business of manufacturing and sale of iron and steel. The company's net profit surged 67% year-on-year (YoY) to ₹65.3 crore in Q3 FY23, according to an exchange filing. The revenue from operations also increased by 7.44% YoY to ₹479.76 crore during the quarter.