Upper circuit stock: Shiva cement continues upward surge
Shiva Cement Limited is set to invest Rs 1,500 crore in a 1.36 million tonnes clinker unit project to be established in Sundergarh district of Odisha in order to enhance its capacity. Funds for this investment will come through a combination of long-term debt and equity.
Reacting to this, the stock of Shiva Cement hit a 5 per cent upper circuit and made an intraday high of Rs 15.68 per share.
The other details of the projects include setting up of a 1 MTPA grinding unit, 4 MTPA crushing plants at its Dolomite and Limestone mines, 8 MW waste heat recovery power plant, 10 km long overland belt conveyor to transport limestone from the mines to the manufacturing plant.
It also includes building railway siding with a 12 km long railway track up to Sagra station, which will ensure transportation of finished goods to the market.
The stock of Shiva Cement has recovered by 137.58 per cent from its sharp decline in March 2020.
The company reported net sales of Rs 5.32 crore for Q2FY21, a decrease of 6.46 per cent as against the net sales of Rs 5.69 crore for Q2FY20.
Shiva Cement is India’s leading producer of green cement. It is an Odisha-based company and a subsidiary of JSW Cement Limited.
The share price of the company closed at Rs 15.68, up by 4.95 per cent per share on BSE.