IDL Explosives Ltd commissioned a new bulk explosives silo unit near Asansol on October 22. The facility holds 9,000 metric tonnes to supply mining operations. While the company expanded its network, shares of Apollo Micro Systems fell 1.9 per cent on the NSE as investors started profit booking during the session.
IDL Explosives Ltd, a group company of Apollo Micro Systems Ltd, has commissioned a bulk explosives silo unit near Asansol in West Bengal, with a capacity of 9,000 metric tonnes. Spread over 8.4 acres, the Bolkunda Silo Unit was inaugurated on October 22, the company said in an exchange filing. The facility will supply site-mixed bulk explosives to mining operations of Eastern Coalfields Ltd, Central Coalfields Ltd and other customers in the region. The new unit expands IDL Explosives' network of bulk explosives plants and silos across the country and strengthens its capacity to cater to long-term bulk explosives orders from Coal India subsidiaries, the company said. Earlier, Apollo Micro Systems had announced the incorporation of a new associate entity, ShauryAstra Defence Systems Private Ltd. Shares of Apollo Micro Systems witnessed selling pressure during the session. The stock opened at Rs 395.75 on the BSE against its previous close of Rs 396.30. It touched a high of Rs 397.30 and a low of Rs 386.10 during the session. On the NSE, the stock settled at Rs 388.80, down 1.9 per cent. Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.