Birla Corporation surges on getting nod to lift 1.85 lakh tonnes of limestone

25 Apr 2012

Birla Corporation is currently trading at Rs. 260.00, up by 3.10 points or 1.21% from its previous closing of Rs. 256.90 on the BSE.

The scrip opened at Rs. 258.90 and has touched a high and low of Rs. 265.00 and Rs. 256.70 respectively. So far 312 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 394.95 on 23-May-2011 and a 52 week low of Rs. 242.70 on 22-Dec-2011.

Last one week high and low of the scrip stood at Rs. 268.95 and Rs. 255.30 respectively. The current market cap of the company is Rs. 2002.14 crore.

The promoters holding in the company stood at 62.90% while Institutions and Non-Institutions held 21.08% and 16.03% respectively.

Birla Corporation, a MP Birla Group flagship, has been granted permission vide a recent order by the High Court at Jodhpur to lift 1.85 lakh tonnes of limestone, blasted during a study conducted by the Indian Bureau of Mines, as per the directions of the Court. However, in compliance with the Court’s order, mining operations continue to be suspended.

Recently, the company had been granted a partial relief by Jodhpur High Court whereby it allowed the company to remove 70,000 MT of already excavated limestone from the mining area.  Further, the court directed Indian Bureau of Mines to conduct inspection and various tests with regard to the mining activities and its effect on the Chittorgarh Fort and submit a report within one month.

Birla Corporation operates four division cement, jute, vinoleum and auto trim. It has eight manufacturing facilities located in Pune, Rajasthan, West Bengal, Gurgoan, Uttar Pradesh and Madhya Pradesh.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323