Omax Auto zooms on expansion plans

Omax Auto zoomed 19% to Rs 68.30 on the BSE on back of heavy volumes after the auto parts and equipment makers announced that its board approved expansion plan with investment of Rs 17.21 crore.

To cater to the customers in North India, the board approved the establishment of a new manufacturing unit at a new location at or around Gurgaon.

For expansion purpose, to shift the unit at Pant Nagar, Uttarakhand to another location with more space, within or around same locality, Omax Auto said in a statement.

The board also approved a making capital investments to build capacity at Bawal plant, Harayana.

The above initiative helps the cost reduction and increased capacity would boost customers’ confidence and will help win new business, it added.

The trading volumes on the counter jumped over 10-fold with a combined 373,651 shares changed hands on the NSE and BSE till 03:26 PM.