Cement stock engaged in the manufacturing of clinker and cement, Rayon, T.P., and Chemicals in focus after Foreign Institutional Investor sold its stake in the company worth Rs. 59 Crores.
Price Action
With a market capitalization of Rs. 6,406 Crores, the shares of Kesoram Industries Limited were trading at Rs. 206.25 per equity share, down 1 percent from its previous day’s close price of Rs. 208.10.
What Happened
As per the Bulk/Block deal data available on NSE, Foreign Institutional Investor SG Sundae Holdings LLC has sold 28.57 lakh equity shares of Kesoram Industries Limited at an average price of Rs. 207.02 for a total consideration of Rs. 59.14 Crores
About the Company
Kesoram Industries Limited a flagship company of the B. K. Birla group is engaged in the manufacturing of clinker and cement, Rayon, T.P., and Chemicals under the brand names Birla Shakti Cement, Kesoram Rayon, and others.
It has 2 cement manufacturing plants located in Karnataka and Andhra Pradesh with a total installed capacity of 10.75 Mn tons & also has 1 Packing unit of 0.66 Mn tons located in Maharashtra. Its rayon factory is situated in West Bengal with an installed capacity of 6830 MTPA of yarn & 3600 MTPA of cellulose transparent paper.
UltraTech Cement has announced its plans to acquire Kesoram Industries Limited’s cement business in an all-share deal and the deal is valued at around Rs 7,600 Crores.
Its revenue from operations declined by 12 percent from Rs. 999 Crores in Q1FY24 to Rs. 879 Crores in Q1FY25, accompanied by losses of Rs. 32 Crores to Rs. 62 Crores.
Written by: Bharath K.S
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