Ambuja Cements gained 1.18% to Rs 348.65 after the cement major announced that it has been declared as preferred bidder for the Uskalvagu limestone block in the Malkangiri district of Odisha.
The cement maker said that it emerged as preferred bidder through an e-auction process conducted by the Government of Odisha.
Uskalvagu block is spread over an area around 547 hectare with estimated limestone resource of approximately 141 million tonnes having average Calcium Oxide (CaO) content of 43.74%.
Ambuja Cements stated that it will receive the statutory licenses and permits related to mining operations to be declared as a 'successful bidder'. Subsequently, it will enter into a 'Mine Development and Production Agreement (MDPA)' with Government of Odisha to commence the mining operation.
Ambuja Cements is one of the leading cement companies in India. It is part of the Holcim Group, a global leader in building materials and solutions and active in four business segments: cement, aggregates, ready-mix concrete and solutions & products.
The company's consolidated net profit grew 13.23% to Rs 488 crore on 4.23% increase in net revenue to Rs 8,036 crore in Q4 CY22 over Q4 CY21.
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