Mangalam Cement has commenced commercial production of a new cement grinding unit with a capacity of 0.75 MTPA at Aligarh. The overall capacity is now enhanced from 3.25 MTPA to 4.00 MTPA.
After the announcement, the company’s stock was trading at Rs 346, up by Rs. 11.5 or 3.44 per cent from its previous closing of Rs 334.5 on the BSE.
The promoters holding in the company stood at 13.28 per cent, while Institutions and Non-Institutions held 16.21 per cent and 70.51 per cent respectively.
The stock is currently trading above its 50 DMA.
Earlier in August, the company had started the trial run at the plant. Mangalam Cement had reported a profit of Rs 22.59 crore on revenues of Rs 225.17 crore for the quarter ended June 2016.