Rico Auto Industries witnessed a sharp rise in share price on Tuesday after the company  has laid the foundation stone for a new manufacturing plant at Pathredi, Bhiwadi (Rajasthan) for the manufacturing of Auto Components on July 07, 2016.

This factory premises is being built on a plot of 11.3 acres. Latest manufacturing technology would be implemented in the new facility.

The company is hopeful to start commercial production at the new plant by the next financial year.

Shares of Rico Auto Industries  are trading at Rs 44.35, up Rs 2.35, or 5.60%  at the Bombay Stock Exchange (BSE) on Tuesday at 12:13 p.m.

The scrip has touched an intra-day high of Rs 45.10 and low of Rs 43.00. The total volume of shares traded at the BSE is 501,935.