Sumeet Industries gains 18%, to set up wind power plant.

Shares of Sumeet Industries gained 17.6 percent intraday Tuesday as the company is going to set up 10.5 MW (5 numbers of turbine of 2.1 MW each) wind power plant.

The polyester yarn, polypropelene yarn and woven fabrics manufacturer and exporter is going to build this project at a capital cost of Rs. 77.51 crore and for the said project IDBI Bank has sanctioned Rs. 57.75 crore.

The company (in its filing to the exchange) says this power plant will be operational with in six months.

'The profitability will improve further due to low cost of energy. Not only that, after completion of six years from this project, the company will receive 2.70 crore units of electricity only at a cost of Rs 1.30 paise,' it explained earnings from the plant.

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