Price on 10/10/97 : Rs 27.25
Price on 3/10/97 : Rs 30.25
The scrip fell by about 10 per cent over the previous week. It had earlier risen after reports of a takeover by Grasim, but the initial euphoria seems to have evaporated.The Bangur group currently holds a 51 per cent stake in the company.
For the year ending March 1997, it incurred losses of Rs 10.33 crore inspite of a sales growth of 32 per cent. The cement industry is suffering from over capacity and there has been a tremendous slowdown in offtake since the construction industry is yet to takeoff. The promoter group is also rife with problems which may also have attributed to the downfall in the scrip by 9.92 per cent.