Prism Cement surged 5.55% to Rs 124.55 at 9:45 IST on BSE after the company said it has received letter of intent from Madhya Pradesh Government for allotment of cement grade limestone mining lease for 50 years.
The announcement was made after market hours yesterday, 27 April 2017.Meanwhile, the S&P BSE Sensex was down 97.22 points, or 0.32%, to 29,932.52. The S&P BSE Mid-Cap index was up 39.27 points, or 0.27%, to 14,811.72.
High volumes were witnessed on the counter. On the BSE, 2.05 lakh shares were traded on the counter so far as against the average daily volumes of 67,628 shares in the past one quarter. The stock had hit a high of Rs 129.10 in intraday trade, which is also a 52-week high for the stock. The stock hit a low of Rs 123.50 so far during the day. The stock had hit a 52-week low of Rs 72 on 27 December 2016.
The mid-cap company has equity capital of Rs 503.36 crore. Face value per share is Rs 10.
Prism Cement has received letter of intent from Madhya Pradesh Government for allotment of cement grade limestone mining lease for 50 years in villages Chulhi and Majhiyar, district Satna, Madhya Pradesh, with about 23.6 million tons of reserves, subject to completion of formalities,.
The application for this mining lease was made under the earlier regulations and was under processing by the state Government. The mining lease would be captive to the cement plants of the company at Satna, Madhya Pradesh.
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Prism Cement reported net loss of Rs 47.02 crore in Q3 December 2016, as compared to net loss of Rs 15.22 crore in Q3 December 2015. Net sales fell 9.2% to Rs 1134.54 crore in Q3 December 2016 over Q3 December 2015.
Prism Cement is an integrated building materials company, with a wide range of products from cement, ready-mixed concrete, tiles, bath products to kitchens. The company has three divisions, viz. Prism Cement, H & R Johnson (India) and RMC Readymix (India).
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