Rain Industries Ltd shares surged over 6 per cent intraday on Monday after its wholly owned subsidiary company — Rain Cements — commenced operations of Waste Heat recovery based Power Plant to generate up to 7 MW of gross electrical energy from the waste heat and the flue gases evolved during the Cement manufacturing process at Boincheruvupalli Village, Peapully Mandal, Kurnool District in Andhra Pradesh. The project was completed at a cost of Rs 70 crore and the same was funded from internal accruals. Share price of the company was trading 5.88 per cent up at Rs 47.75 at 11.52 am. The scrip opened at Rs 46.90 and touched a high and low of Rs 48.15 and Rs 46.25, respectively. On NSE, the share price of the company was trading 5.42 per cent up at Rs 47.65. Later, the scrip ended 4.66 per cent up at Rs 47.20.
The BSE group ‘B’ stock of face value Rs 2 has touched a 52-week-high of Rs 49.50 on Sep 9, 2016 and a 52-week-low of Rs 26.05 on Feb 12, 2016. The promoters holding in the company stood at 41.10 per cent, while Institutions and Non-Institutions held 30.02 per cent and 28.89 per cent respectively.
The process of waste heat generation is environmental friendly that will bring down the flue gas temperatures. The heat recovery from the flue gases not only saves large quantities of fossil fuels but also substantially reduces the cost of power generation.
The company is engaged in the business of manufacturing cement, Calcined Petroleum Coke (CPC) and power. It is the largest producer of CPC with a production capacity of 2.49 million tonnes per annum (MTPA).