Bosch Ltd opens new facility in Karanataka, consolidates above its moving average

Bosch Ltd., a supplier of technological auto parts to motor companies, consolidated above its 200-day moving average after it opened a new facility in Karnataka for diesel components.

Bosch said its new factory has built up area of about 38,000 square meters built at an investment of around Rs 340 crore rupees.

The construction of the Bidadi unit will be done in two phases, with the second phase to be completed by 2018, Bosch said. This new unit will produce diesel products that were earlier made at the Adugodi plant. The unit will employ more than 2,600 staff, the company said. The new plant in Bidadi will produce common rail pumps & rails in the first phase & conventional fuel injection pumps production will start in the second phase, it added.

As a consequence, Bosch jumped 702 rupees, or 3.1 percent, to 23,405 rupees on the National Stock Exchange where 20,350 shares were traded compared with the 5-day average of 35,700 shares.

Bosch's market capitalisation has gained 59 percent in one year to 72,760 crore rupees.

Image credit: Indiatimes
Earlier, Bosch's first quarter net profit rose 12.1% to Rs 343.74 crore on an 8.3% growth in total income to Rs 2,665 crores