21 Jan 08 Cords Cable IPO Subscription Details
Cords Cable IPO Subscription figures as of today look not very promising. Cords Cable IPO hit the markets exactly when the markets started to crash and hence the IPO has been affected. Overall, Cords Cable IPO has subscribed 0.01 times. Not a single share has been subscribed by institutional investors. If the market does not recover from here on, Cords Cable IPO might have to be extended and the price band reduced. More updates on Cords Cable IPO Subscription will follow shortly. Cords Cable IPO Allotment Status will also be updated here once it is announced. Hence do check this blog frequently.
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Cords Cable Industries’ US$20m expansion project
India’s Cords Cable Industries has started construction of a new Rs.85 crore (US$20m) project, in the Alwar district of Rajasthan (India), to increase capacity of specialty cables aimed at the power industry, refineries, airport modernization and metro railways markets – of which Cords Cable is the largest manufacturer in India.
Naveen Sawhney, Managing Director, said at the beginning of January that he expects the new project will be commissioned towards July 2010 and fully operative from Q3 of fiscal 2010-11 at the rated output, reaching total output in 2011-12 only – when turnover should be around Rs550-600 crore (US$121-132m). About 20-25% of output is expected to go to overseas markets mainly in Eastern Europe, the Middle East and Africa.