India Cements touches fresh 52-week high
One of India’s leading cement manufacturer, the India Cements Limited’s stock has touched its fresh 52-week high of Rs 221.3 per share on NSE, in the opening hour on Friday.Bonaz Capital
The stock embarked on an upward rally after the company informed the amalgamation arrangement. The National Company Law Tribunal Division bench, Chennai, has recently approved the scheme of amalgamation and arrangement between Trinetra Cement Limited and Trishul Concrete Products Limited, with the India Cements Limited and their respective shareholders.
The major Cement stocks are trading on a flat to positive note on Friday. The recent study by ICRA shows that the cement prices in the country have rebounded to the pre-demonetisation levels. ICRA also expects prices to be supported by a marginal improvement in capacity utilisation. The cement stocks are likely to be in focus further, due to the recovery in cement prices.
India Cements Ltd is currently trading at Rs 218.85, up by Rs 7 or 3.3% from its previous closing of Rs 211.85 on the BSE.
The scrip opened at Rs 213 and has touched a high and low of Rs 221.05 and Rs 212 respectively. So far 5486294(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 6507.58 crore.
The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 214.8 on 27-Apr-2017 and a 52 week low of Rs 83.05 on 23-May-2016. Last one week high and low of the scrip stood at Rs 214.8 and Rs 180.6 respectively.
The promoters holding in the company stood at 28.3 % while Institutions and Non-Institutions held 46.25 % and 24.89 % respectively.
The stock is currently trading above its 50 DMA.