Infrastructural and structural steel manufacturer GG Engineering has announced the rights issue of equity share. A rights share issue is a kind of corporate action in which a listed company invited its existing shareholders to buy additional shares directly from the company at a discounted price.
GG Engineering is primarily engaged in the engineering products industry. It said that the issue will close on July 31. The rights issue is of up to 49 crore equity shares at a price of Re 1 each, aggregating up to Rs 49.8 crore.
Earlier, the heavy electrical equipment maker had announced stellar numbers in the first quarter of financial years 2023-24. The revenue from operations grew by more than 140 per cent to Rs 1800 million while consolidated net profit stood at Rs 3.3 million.
Notably, the manufacturing sector activities in India moderated in June from a 31-month high in May, but output remained in the growth territory, as new work orders expanded sharply amid favourable demand conditions.
Despite the fall, the manufacturing sector saw a considerable improvement in operating conditions the demand positively impacted other factors like sales, production, stock building and employment.
Despite the prevailing economic challenges and global uncertainties, the country’s manufacturing sector has navigated the landscape and capitalize on opportunities with businesses expanding their outreach to drive sustained growth.
India’s manufacturing sector is undergoing a sweeping transformation ever since the Modi government took the charge. The government’s push for turning local players global is helping India emerging as a global manufacturing hub.
The government has taken several decisions on the policy front to push the manufacturing sector to make India a manufacturing hub and meet the domestic demands. Initiatives like Atmanirbhar packages, PLI scheme, National Monetisation Pipeline (NMP), creating conducive environment for businesses among others have opened new avenues of investment, thus creating millions of jobs and keep the wheels of economy rolling.
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