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Ambuja Cements hits 52-week high on plans to establish cement grinding unit in Jharkhand

21 February 20243 mins read by Angel One
The project is planned close to Adani Power (Jharkhand), as part of a comprehensive approach to disposing of fly ash in an environmentally safe manner.
Ambuja Cements hits 52-week high on plans to establish cement grinding unit in Jharkhand
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On Wednesday, Ambuja Cements shares surged 1.31% to trade at a fresh 52-week high of Rs 596.5, from its previous closing of Rs 588.80 on the BSE.

Establishing a cement grinding unit

Ambuja Cements is planning to establish a state-of-the-art cement grinding unit with an investment of Rs 1000 crore in Motia Village of Godda district in Jharkhand, post requisite approvals with a capacity of 4.0 MTPA. The project is planned near Adani Power (Jharkhand), as part of a comprehensive approach to disposing of fly ash in an environmentally safe manner and contributing to the circular economy.

The project exemplifies Ambuja Cements’ commitment to sustainable practices and reflects its dedication to fostering inclusive growth in Jharkhand. The unit will generate direct and indirect employment for over 2,500 individuals, significantly contributing to the economic and social progress of the state.

The company already operates two cement plants in Jharkhand with a combined capacity of 6 MTPA. The proposed expansion demonstrates the company’s confidence in the region’s potential for growth and development.

Company profile

Ambuja Cements is engaged in the manufacturing and marketing of cement and clinker for both domestic and export markets. It is a material company of Adani Cement and part of the diversified Adani Group.

Stock price movement

Today, Ambuja Cements stock opened at Rs 589.40 and has touched a high and low of Rs 596.50 and Rs 583.10, respectively. The BSE group ‘A’ stock of face value of Rs 2 has a 52-week high and low of Rs 596.50 and Rs 324.30, respectively. Last one week high and low of the scrip stood at Rs 596.50 and Rs 568.75, respectively. The current market cap of the company is Rs 1,16,706.30 crore.

The promoters holding in the company stood at 63.19%, while Institutions and Non-Institutions held 27.71% and 9.10% respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.

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