Shares of Inflame Appliances rise as it starts commercial production at the Hyderabad facility

Inflame Appliances has started commercial production at the Hyderabad manufacturing facility with three customers who have audited and approved the facility to meet their supply needs in chimneys (kitchen appliances). Two of these are prestigious partner brands for whom the company is already manufacturing and supplying its range of kitchen appliances while the third prestigious brand has partnered with it for the first time to meet their needs for kitchen appliances.

Following clearance, the business began commercial supply to two of these partner brands, with supplies to the third set to begin soon. The firm also plans to begin supplying three additional brands within the next 2-3 weeks, bringing the total number of clients for the new facility to six in a short period of time.

Additionally, on August 17, 2023, the Board of Directors of Inflame Appliances Ltd approved the allotment of 3,50,000 Warrants convertible into an equal number of Equity Shares of Rs 10 each of the Company at an issue price of Rs 526 per warrant (including premium of Rs 516 per warrant) on preferential basis to the Promoter upon receipt of 25% of the issue price from the allottee in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Shared of Inflame Appliances are currently trading at Rs 669, up by 11.70 points or 1.78% from its previous closing of Rs 657.30 on the BSE. The scrip opened at Rs 683 and has touched a high and low of Rs 683 and Rs 646.65, respectively. So far 1250 shares were traded on the counter.

The BSE group ‘M’ stock of face value of Rs 10 has touched a 52-week high of Rs 698.00 and a 52-week low of Rs 363.10. Last one week high and low of the scrip stood at Rs 684.35 and Rs 600.00 respectively. The current market cap of the company is Rs 482.52 crore. The promoters holding in the company stood at 43.59%, while Institutions and Non-Institutions held 3.36% and 53.05%, respectively.