Share price of one of the leading cement manufacturing companies and part of the diversified Adani Group hit a new 52-week high at Rs. 596.70 on February 21st, after the company proposed to establish a cement grinding unit.
With a market cap of Rs. 1.16 lakh crore, the shares of Ambuja Cements Ltd. opened at Rs. 591.9 on February 21st, compared to its previous closing price of Rs. 588.80.
The company has delivered positive returns of over 26.6 percent in the last six months, whereas nearly 66.6 percent in the last one year. So far in 2024, it has given positive returns of around 10.0 percent.
According to the recent filings on the stock exchanges, Ambuja Cements proposes to establish a state-of-the-art cement grinding unit with an investment of Rs. 1000 crore in Motia Village, Jharkhand, post requisite approvals with a capacity of 4.0 MTPA.
The project is located near Adani Power (Jharkhand) Limited, aiming to safely dispose of fly ash in an environmentally safe manner while also supporting the circular economy.
This cement grinding unit will generate direct and indirect employment for more than 2,500 individuals, significantly contributing to the economic and social development in the state of Jharkhand.
Ambuja Cements currently operates two cement plants in Jharkhand with a combined capacity of 6 MTPA.
In terms of financials, the revenue from operations of the company grew by 9.5 percent from Rs. 7,424 crore in Q2 FY23-24 to Rs. 8,129 crore in Q3 FY23-24, accompanied by an increase in net profit by nearly 10.43 percent to Rs. 1,090 crore in Q3 FY23-24 from Rs. 987 in Q2 FY23-24.
Ambuja Cements Limited is one of India’s leading cement companies and a member of the diversified Adani Group, the largest and fastest-growing portfolio of diversified sustainable businesses.
Written by Shivani Singh
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