Bhagyanagar India Ltd share Price

Incorporated in 1985 and controlled by the Surana group, Bhagyanagar Metals (BML) started with the manufacture of non-ferrous metal products like copper rods and lead sleeves. A copper division was acquired through the takeover of two units, India Extrusion and Gangappa Industries. The product profile now includes enamelled and paper-covered copper strips which are used by Lucas, TVS, BHEL, Crompton Greaves and Sahney Paris. With the acquisition of Insulation and Plastics Pvt Ltd, it entered into the manufacture of PVC coated fabrics (inst. cap.: 36 lac tpa) like PVC foam leather. In 1993-94, Bhagyanagar Metals embarked upon a forward integration of its copper division to manufacture jelly-filled telephone cables and later expanded its capacity to 10 lac tpa to meet the increasing demand. BML`s main line of activity is jelly-filled telephone cables and jointing kits which are supplied to cable manufacturing companies and the Department of Telecommunications. During 1995-96, the company envisaged an expansion of Rs.2 crores for the PCM cable unit and approval of Department of Telecommunications (DOT) has been obtained for the company`s product. During 1996-97, the company set up a unit for manufacture of field coils thereby making a forward integration for one of its units. In 1999-2000, the company commissioned a new unit for manufacture of jelly filled cable [unit II] with a capacity of 6 LCKM at IDA Nacharam. The unit commenced commercial production in September 1999 and the total nominal capacity for Jelly Filled Telephone Cable of the Company stands increased to 49 LCKM. During 2001 the company`s new production facility for the manufacture of Poly Insulated Jelly Filled Telephone Cables at Goa was established and the work on this has already commenced.The project went into production in August,2001. Since the Auto Ancillary industry has a strong presence the company plans to foray into manufacture of Automotive Components as OEM products. The company gone in for Buy Back of Equity Shares of 3493610 equity shares @ Rs.65/-per share. It also made second buy back of equity shares in 2002-03 comprising 121115 equity shares @ Rs.65 per share. Subsequent to this buy back of shares the share capital stands reduced to 6302528 equity shares of Rs.10 each.