Colgate-Palmolive (India) has moved higher by 3% at Rs 1,170 on reports that the oral and dental hygiene products manufacturer has begun construction work at its upcoming plant site in Sanand, Gujarat with an investment of Rs 200 crore.
“This will be Colgate's fifth plant after Aurangabad, Baddi in Himachal Pradesh, Hyderabad and Kundaim in Goa which is expected to commission by late 2014," the report suggests.
Gujarat government has allotted 100,000 sq metres of land at the upcoming GIDC industrial estate in Bol village in Sanand to Colgate for the plant.
The stock opened at Rs 1,147 and touched the intra-day high of Rs 1,175 in trades so far. As amany as 13,000 shares have changed hands on the BSE compared to its two-week average of 11,000 shares.