Date | Nov 01, 2017:
Shree Cements has won auction for coal mines in Baroud OC, Chhattisgarh at the premium price of 45.59% over the notified price of Rs 1700 per ton for allocated quantity of 70,300 tonnes per annum.
It has also won auction for coal mines in Jampali OC, Chhattisgarh at the premium price of 50.85% over the notified price of Rs 1180 per ton for allocated quantity of 5,500 tonnes per annum.
The stock closed on Nov 1, 2017 at a price of Rs 19,276 up by 1.83% or Rs 346 on NSE. The Promoters hold 64.79 % stake in the company.
Shree Cement Ltd is one of India’s premier cement makers and the largest in North India. The Company has three brands under their portfolio, namely Shree Ultra Jung Rodhak Cement, Bangur Cement and Rockstrong Cement. Their manufacturing units are located at Beawar, and Ras in Rajasthan.
The Company also operates in short term power market, its power sales depend on the prevailing fuel prices as it directly affects its cost of generation and consequently sale price.
The Company has successfully bided and won the auction for coal linkages from coal mines of South Eastern Coalfields Ltd. (Subsidiary of Coal India Ltd.) for its captive power plant at Raipur, Chattisgarh.
(Source: https://www.indiainfoline.com/)