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UltraTech Cement gains on plans to acquire limestone mine in Mozambique

19 Apr 2012

UltraTech Cement is currently trading at Rs. 1490.50, up by 11.15 points or 0.75% from its previous closing of Rs. 1479.35 on the BSE.

The scrip opened at Rs. 1491.00 and has touched a high and low of Rs. 1503.00 and Rs. 1485.10 respectively.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1542.10 on 21-Mar-2012 and a 52 week low of Rs. 916.40 on 20-Jun-2011.

Last one week high and low of the scrip stood at Rs. 1503.00 and Rs. 1434.00 respectively. The current market cap of the company is Rs. 40852.17 crore.

The promoters holding in the company stood at 63.34% while Institutions and Non-Institutions held 23.19% and 11.45% respectively. 

UltraTech Cement, India’s largest cement maker, is in talks to acquire a large limestone mine in Mozambique for about 1,500 crore. The negotiations between Aditya Birla group's company and the mine owner could subsequently result in the group building a 1-2 million tonne cement plant in the African country, where demand for building material has been growing at the rate of 8-9% annually.

The limestone mine is located in the Magude region in southern Mozambique near the capital city of Maputo and has reserves of more than 700-800 million tonnes of high grade limestone.

However, if the talks are successful, it would be the second time in less than a year that the Aditya Birla group would progress on building a green field plant overseas. The group recently announced its intention to spend $500 million to build a green field fibre plant in Turkey.

UltraTech manufactures and markets Ordinary Portland Cement, Portland Blast Furnace Slag Cement and Portland Pozzalana Cement. The company has 11 integrated plants, one white cement plant, one clinkerisation plant in UAE, 15 grinding units - 11 in India, 2 in UAE, one in Bahrain and Bangladesh each and five terminals, four in India and one in Sri Lanka.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323