Sagar Cements acquires two hydel power plants, stock up by 2 per cent
The share price of Sagar Cements recorded a sharp hike of 2 per cent during Tuesday’s trade as the company announced that its board has approved the acquisition of two mini hydel power plants in Andhra Pradesh.
The company will be acquiring one plant with a capacity of 4.3 MW at Guntur Branch Canal and another plant with a capacity of 4 MW located at Lock-in-sula, Atmakur in Kurnool district in Andhra Pradesh for a total sum of Rs. 26.90 crore.
The company’s net profit grew by over 31 per cent to Rs. 249 crore in the third quarter of the fiscal year 2018 on a yearly basis. The company’s cement sales volume also increased by 44 per cent on a year-on-year basis to 0.68 tonne.
In Tuesday’s trade, the company hit an intraday high of Rs. 991.60 per share and an intraday low of Rs. 981.45 per share on BSE. The stock had touched its 52-week high of Rs. 1,161.40 per share on January 4, 2018 and its 52-week low of Rs. 722.25 per share on March 10, 2017 on BSE, respectively. At 1146 hours IST, the Sagar Cements was trading at Rs. 984.40 per share, higher by 1.18 per cent on BSE.