Shiva Cement hits a new high
By
Research Desk
about 7 years ago
Shiva Cement, a penny stock, has been hitting new highs for the past couple of days. Today too, it opened itself on a new high at Rs.13.73, up from previous close of Rs.13.08.
JSW Cement is buying the entire promoter holding of Shiva Cement, which as at 30th Sept 2016 stood at 37.15%. Simultaneously, JSW has launched an open offer to acquire another 32 from the public. The open offer price is pegged at Rs.14. Interestingly, ACC holds a 13% stake in Shiva.
Shiva Cement has a plant in Odisha, where it makes both Portland cement and is sold under the brand name of ‘Sumangal.’. The current capacity is 200,000 tpa, being expanded now to 1 mtpa and eventually to 2.6 mtpa in phases. It has its captive limestone reserve.