Sagar Cements Limited has received approval to invest a capital of Rs150 crore in Satguru Cement Pvt Ltd, Indore in M.P., to set-up a green field cement manufacturing plant of 1 million ton capacity together with waste heat recovery power plant at a total cost of Rs 426 crore. Sagar Cements will be holding 65 percent in the equity share capital of Satguru Cement on completion of the above projects.
In addition, the Company has also approved of a proposal to invest a sum of Rs108.00 cr in Jajpur Cements Private Limited, Jajpur, Odisha to acquire 100% shareholding in the company and to set-up through it a green field grinding unit of 1.5 million ton capacity in Jajpur at a total cost of Rs.308.10 cr, subject to approval from the Odisha govt and other regulatory authorities.
Reacting to the development, stocks in Sagar Cement Limited trade higher on bourses. on Thursday. On the NSE, share price of Sagar Cement Ltd is quoting at Rs. 680 up 1.46 percent. The Stock touched a high and low of Rs. 695 and 676.55 respectively on the NSE, whose benchmark index Nifty trade down by 122 points, while the Sensex continue falling at 35,528 levels down by 355 point during late morning hours.