Steel Strips Wheels is setting up a ₹55-crore hot rolling mill at Seraikela, Jharkhand, for rolling of profile bar under the backward integration policy of the company. Profile bar is the raw material used for side rings and lock rings required for truck wheel rims. At present, the company is outsourcing the profile bars. The company expects to make substantial savings in its raw material purchase cost with the launch of the new mill. Production is expected to start by end of third quarter of 2016.The company expects to consume 75 per cent of its production in-house while the remaining will be sold in the market. The cost will be funded through internal accruals and foreign currency term loan. Shares of Steel Strips Wheels closed at ₹335.4 on the NSE, up 2.6 per cent.

BLB has informed the exchanges that a meeting of the board of directors of the company will be held on August 10 to consider a proposal for voluntary delisting of its equity shares from the BSE. Shares of BLB are listed on both the BSE and the NSE. The board will also discuss the merger of Manu Properties Pvt Ltd with itself. The August 10 meeting will also consider the company’s unaudited financial results for the quarter ended June 30. Shares of BLB jumped 4.3 per cent at ₹3.65 on the NSE.

Gateway Distriparks has acquired about 48 acres of land for setting up a Container Freight Station (CFS) at the Krishnapatnam Container Port. Krishnapatnam is strategically located between the Chennai and Vizag ports. The location is well placed to service importers and exporters in Andhra Pradesh and Telengana, the company said. Shares of Gateway Distriparks jumped 5.1 per cent at ₹374.05 on the NSE.

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