Shree Cement gained 1.49% to Rs 26,149.95 after the cement maker announced that it has been emerged as the highest bidder for Datima Coal Mine Block at Surajpur Tehsil in Surguja district, Chattisgarh.
The cement major emerged as highest bidder under fifteenth tranche of auction of coal block conducted by Ministry of Coal, Government of India on 27 February 2023. The mine has geological reserves of 13.30 million tonnes.
The official confirmation from Government of Chhattisgarh declaring Shree Cement as the winner of the above deposit is awaited, the company stated.
The cement maker said that it has participated in the coal block auction with an intent of creating fuel security through long term fuel supply sourcing options for its operations while having flexibility to use the coal for other commercial purposes as well.
Shree Cement is one of India's top three cement producers. Its portfolio of products includes Shree Jung Rodhak Cement, Bangur Cement, Roofon and Rockstrong Cement.
The company's consolidated net profit tumbled 44% to Rs 276.77 crore in Q3 FY23 from as against Rs 491.99 crore posted in Q3 FY22. Revenue from operations rose by 15% YoY to Rs 4,068.79 crore in the quarter ended 31 December 2022.
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