Prism Cement surges on receiving mining lease from Madhya Pradesh government

28 Apr 2017

Prism Cement is currently trading at Rs. 124.00, up by 6.00 points or 5.08% from its previous closing of Rs. 118.00 on the BSE.

The scrip opened at Rs. 124.00 and has touched a high and low of Rs. 129.10 and Rs. 123.00 respectively. So far 3,42,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 129.10 on 28-Apr-2017 and a 52 week low of Rs. 72.00 on 27-Dec-2016.

Last one week high and low of the scrip stood at Rs. 129.10 and Rs. 105.20 respectively. The current market cap of the company is Rs. 6,231.55 crore.

The promoters holding in the company stood at 74.87%, while Institutions and Non-Institutions held 15.83% and 9.30% respectively.

Prism Cement has received Letter of Intent (LoI) from Madhya Pradesh Government for allotment of cement grade limestone mining lease for 50 years in Villages Chulhi and Majhiyar, District Satna, Madhya Pradesh, with about 23.6 million tons (MT) of reserves, subject to completion of formalities.

The application for this mining lease was made under the earlier regulations and was under processing by the State Government. The mining lease would be captive to the cement plants of the company at Satna, Madhya Pradesh.

Prism Cement is one of India’s leading integrated Building Materials Company, with a wide range of products from cement, ready-mixed concrete, tiles, bath products to kitchens.

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