Tuesday, September 20, 2016

Today Mangalam Cement rise 5% on commence of 0.75 mpta Aligarh unit

NEW DELHI: Shares of Mangalam CementBSE 4.44 % surged nearly 5 % in Tuesday's trade after the company revealed commencement of production at a new 0.75 million tonne per annum (mtpa) unit. In a brief note to BSE, the company said the mashing unit is now in Aligarh, Uttar Pradesh. The opening of its commercial workings from the unit has increased the overall capacity of the cement producer to 4 mpta from 3.25 mtpa. 

The stock jumped 4.63 % to hit a high of Rs 350 on BSE. Mangalam Cement has initiate commercial production at its new cement mashing unit of 0.75 million tonnes per annum (mtpa) capacity in Aligarh, Uttar Pradesh, state a media report. 

Market for cement sector grew merely by 3 % in Q1FY17, which is expected to stay in the constant range in Q1FY17as well. Still, favourable monsoon & ease of water issues in Madhya Pradesh & Maharashtra are expected to cast good impact on consumption as many projects were stuck for want of water. The government's continuous thrust in progress of Roads & Highway and irrigation sector will prompt demand, going ahead, said Reliance Securities in a note.