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market | IST

Shree Cement shares surge 3% on capacity expansion plans

The board of directors of Shree Cement has approved setting up of an integrated cement plant in Nawalgarh Tehsil of Rajasthan for about Rs 3,500 crore and has also given a nod to set up solar power plants.

Shares of Shree Cement rose as much as 3 percent on Wednesday as investors cheered the company’s capacity expansion plans.
At 10:03 am, shares of the cement manufacturer were trading 0.6 percent higher at Rs 30,840.  The scrip has gained after 3 days of consecutive losses.
The board of directors of Shree Cement has approved setting up of an integrated cement plant in Nawalgarh Tehsil of Rajasthan for about Rs 3,500 crore and has also given a nod to set up solar power plants at various locations to meet the captive requirement of the company’s cement plants for around 500 crore.
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The proposed integrated cement plant is expected to be completed by the quarter ending March 2024, while the setting up of captive solar power plants would be completed by the quarter ending September 2022.
Further, the board of cement maker’s wholly-owned subsidiary, Shree Cement East, has also got approval to set up a clinker grinding unit at village Digha and Parbatpur in Purulia district of West Bengal.
The setting up of a clinker grinding unit which would be completed by the quarter ending March 2023, would add capacity of 3 million tons per annum, and the investment required would be around Rs 750 crore.
“Shree Cement has a roadmap period, absolutely clear, roadmap for next 10 years and that is the good part of the company," said Deven Choksey of KRChoksey.
“I am not completely surprised with the move that the company has taken in the area of I think putting across the solar power in this system because largely... Incremental benefits would be much higher, because of the power costs coming down. So all this put together, I would think that the company is heading the right direction,” Choksey added.