Shree Cement rose 1.42% to Rs 18280.05 after the company's board approved setting up an integrated cement plant in Guntur, Andhra Pradesh.
The board of the company has allowed setting up of integrated cement plant at Dachepalli, Tehsil Pedagarlapadu in Guntur district of Andhra Pradesh having clinker capacity of 1.5 million ton per annum (MTPA) and cement capacity of 3.0 MTPA.
The project will require a total investment of Rs 2,500 crore, which will be financed through internal accruals and debt. The capacity is expected to be added by the quarter ending December 2024.
The existing cement capacity of the company is 46.40 MTPA. During the year 2021-22, the utilization rate was 64%.
Shree Cement is one of India's top three cement producers. Its portfolio of products includes Shree Jung Rodhak Cement, Bangur Cement, Roofon and Rockstrong Cement. It also has an installed power generation capacity of 752 megawatts which includes waste heat recovery power, solar power, wind power along with others.
The cement maker reported a 17.7% fall in consolidated net profit to Rs 657.24 crore on 3.1% rise in net sales to Rs 4364.24 crore in Q4 FY22 over Q4 FY21.
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