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Shares of DCW Ltd., a leading specialty chemical company in India, surged in early trade on Wednesday after the company announced a capacity expansion in the CPVC (chlorinated polyvinyl chloride) and de-bottlenecking SIOP (synthetic iron oxide pigment) segments.

The company is investing Rs 125 crore in both these projects and anticipates a substantial boost to its profitability.

DCW said it saw the expansion plans as the next step in its long-term strategy of making further inroads into the specialty chemicals segment.

It plans to double its CPVC capacity by adding another 10 kilotons (KT) of capacity. It also plans to augment the capacity utilisation of its SIOP plant to 100 percent to generate an additional 10 KT of production per annum.

DCW expects the CPVC project to be commissioned in the second half of the financial year 2024 and SIOP debottlenecking to be completed by the first quarter of the financial year 2024. The company will fast-track the projects as much as possible.

DCW shares are currently trading at Rs 53.35, up 3.59 percent.

(Edited by : Rukmani Krishna)