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DCM Shriram share price jumps 4% in trade; here's what's boosting rally

The cost of acquisition, as per the filing, stands at Rs 57.12 crore and will be carried out in one or more tranches

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SI Reporter Mumbai

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DCM Shriram shares advanced 3.9 per cent in the morning deals on Tuesday and clocked an intraday high at Rs 1,127.9 per share on BSE. The buying in the stock came after the company announced to acquisition 28 per cent stake in JSW Renew Energy Thirty Two with the purpose of setting up a wind solar hybrid renewable power project for replacing existing coal-based 40 MW power with 68 MW RE Power.
 
Around 11:15 AM, DCM Shriram share price was up 3.25 per cent at Rs 1,120.05 per share on BSE. In comparison, BSE Sensex was up 0.14 per cent at 81,622.20. The market capitalisation of the company stood at Rs 17,466.32 crore. The 52-week high of the company stood at Rs 1,370 per share and the 52-week low of the company stood at Rs 840.15 per share. 
 
 
"The company has entered into a Definitive Agreement with JSW Renew Energy Thirty Two Limited on December 9, 2024," the filing read. 
 
The cost of acquisition, as per the filing, stands at Rs 57.12 crore and will be carried out in one or more tranches. As per the terms, DCM Shriram will get a 68 MW renewable power supply (34 MW average). The acquisition is to be completed by March 2026. 
 
The development comes after, on October 30, DCM Shriram's board had approved the investment of up to Rs 60 crore in one or more special purpose vehicle(s) for setting up a Wind Solar Hybrid renewable power project for replacing existing coal-based 40 MW power with 68 MW RE Power. 
 
The board also approved a capital expenditure of Rs 23 crore for the purpose of the said project at Kota, Rajasthan.
 
DCM Shriram, headquartered in New Delhi, is a diversified Indian conglomerate with interests in agriculture, chemicals, and industrial products. Established in 1990, the company operates across multiple sectors, including agri-business (fertilisers, hybrid seeds, and farm solutions), chlor-vinyl manufacturing (caustic soda, PVC resins, and chlorine derivatives), sugar production, and ethanol. 
 
It also leads in the uPVC windows and doors market through Fenesta Building Systems and produces high-quality cement. With a strong focus on sustainability, renewable energy, and rural development, DCM Shriram combines innovation and operational efficiency to deliver value across its businesses.
 
In the past one year, DCM Shriram shares have gained 13 per cent against Sensex's rise of 16.5 per cent. 
 

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First Published: Dec 10 2024 | 11:32 AM IST

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