Ramco Cements share price surges by 2.5% as company commissions 5th integrated cement plant in Andhra Pradesh
Ramco Cements in its exchange filing on Wednesday said, The Chief Minister of Andhra Pradesh, YS Jagan Mohan Reddy has inaugurated the companys 5th Integrated Cement Plant at Kolumigundla, Kurnool District, Andhra Pradesh.
Ramco Cements share price surged around 2.5 per cent to Rs 758.45 and 760.75 per share on the BSE and NSE intraday, respectively, during Thursday’s session as the company announced the commissioning of its fifth integrated cement plant in Andhra Pradesh.
Ramco Cements in its exchange filing on Wednesday said, “The Chief Minister of Andhra Pradesh, YS Jagan Mohan Reddy has inaugurated the company's 5th Integrated Cement Plant at Kolumigundla, Kurnool District, Andhra Pradesh.”
The plant has a clinkerisation capacity of 2.25 million tonnes per annum and the project cost of the plant is Rs 3,000 crore, the regulatory filing further stated.
The newly commissioned plant is capable of manufacturing various types of cement as per BIS specifications, the release said, adding that the cement manufactured from this plant will be marketed in Andhra Pradesh, Karnataka, North Tamil Nadu, Maharashtra, and Madhya Pradesh.
The project also contains infrastructure of ‘Thermal Power Plant of 18 MW capacity and Railway Siding of 34.936 Run Kms to provide flexibility in logistics’, which are expected to be commissioned in 2023-24, Ramco Cements mentioned.
In its commitment to Green Power, the company said that the plant has been provided with Waste Heat Recovery System (WHRS), which captures the waste heat available from the preheater exhaust gas and the clinker cooler exhaust gas of cement kiln and is used to generate electrical energy.
At around 11:15 PM, the shares of Ramco Cements were trading over 1 per cent higher to Rs 751.1 per share on the BSE as against 0.46 per cent rise in the BSE Sensex. The stock has underperformed the market by declining over 24 per cent in one year against 4 per cent fall in the benchmark index.
Cement companies are in good space at current juncture amid key factors such as price hike, petcoke cooling off, margins likely to bottom out in the second quarter of FY23 and anticipation of volumes as well as demand rise in the second half of the current fiscal, several experts believe.
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