The announcement was made during market hours today, 12 September 2014.

Meanwhile, the S&P BSE Sensex was up 67.75 points or 0.25% at 27,063.62.

On BSE, so far 1.31 lakh shares were traded in the counter as against average daily volume of 10,650 shares in the past one quarter.

The stock hit a high of Rs 775.55 so far during the day, which is a record high for the counter. The stock hit a low of Rs 697.60 so far during the day. The stock had hit a 52-week low of Rs 308 on 11 September 2013.

The stock had outperformed the market over the past one month till 11 September 2014, surging 23.81% compared with Sensex's 5.79% rise. The scrip had also outperformed the market in past one quarter, jumping 7.7% as against Sensex's 5.97% rise.

The small-cap company has equity capital of Rs 31.57 crore. Face value per share is Rs 10.

Ingersoll-Rand (India) said that the strategic investment in Naroda facility will support production of the complete range of compressors in reciprocating, rotary and centrigugal ranging from 0.75 to 4,500 kW. The facility will add new product lines with high level of innovation, Ingersoll-Rand (India) said in a statement.

Venkatesh Valluri, Chairman and President, Ingersoll-Rand (India) said that the upgradation of the facility at Naroda will allow the company to deliver very cost competitive products for India as well as for the global markets.

Ingersoll-Rand (India)'s net profit declined 5% to Rs 13.05 crore on 15.2% growth in net sales to Rs 144.89 crore in Q1 June 2014 over Q1 June 2013.

Ingersoll-Rand (India) delivers industrial products and solutions to markets such as automotive, process, pharmaceutical, food security, healthcare, mining, defence and other related industries.