GlaxoSmithKline Consumer hits 52-week high on expansion plans
The maker of Horlicks said it is looking at setting up a large manufacturing facility close to the east coast in southern Andhra Pradesh.
By ET Online |
NEW DELHI: GlaxoSmithKline Consumer Healthcare Ltd, rose as much as 1.2 in trade on Friday to hit its fresh 52-week high of Rs 5000, after the maker of Horlicks and Boost health food drinks said it is looking at setting up a large manufacturing facility close to the east coast in southern Andhra Pradesh.
At 09:30 a.m.; GlaxoSmithKline Consumer was trading 1.1 per cent higher at Rs 4994. It has hit a low of Rs 4827.50 and a high of Rs 5000 in trade today.
The GSK Consumer team has shortlisted one location each in Nellore and Chittoor for the plant, which will produce Horlicks and Boost branded products with an investment of up to Rs 1,000 crore, ET said in a report quoting a senior bureaucrat.
The company is waiting for clarity on tax incentives before taking a decision. Rival Mondelez India Foods Ltd, formerly known as Cadbury India, has said it is setting up its largest facility in the continent at the Sri City special economic zone Chittoor district, investing about Rs 1,000 crore.
As per the ET report, GSK is scouting for about 100 acres of land at the two locations, apart from connectivity to the natural gas grid, and has conveyed plans to produce Foodles, which is its instant noodles product, biscuits and oats under the Horlicks brand, apart from health food drinks.
At 09:30 a.m.; GlaxoSmithKline Consumer was trading 1.1 per cent higher at Rs 4994. It has hit a low of Rs 4827.50 and a high of Rs 5000 in trade today.
The GSK Consumer team has shortlisted one location each in Nellore and Chittoor for the plant, which will produce Horlicks and Boost branded products with an investment of up to Rs 1,000 crore, ET said in a report quoting a senior bureaucrat.
The company is waiting for clarity on tax incentives before taking a decision. Rival Mondelez India Foods Ltd, formerly known as Cadbury India, has said it is setting up its largest facility in the continent at the Sri City special economic zone Chittoor district, investing about Rs 1,000 crore.
As per the ET report, GSK is scouting for about 100 acres of land at the two locations, apart from connectivity to the natural gas grid, and has conveyed plans to produce Foodles, which is its instant noodles product, biscuits and oats under the Horlicks brand, apart from health food drinks.
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