Shiva Cement shares surged as much as 15.68 per cent and hit their fresh 52-week high in morning trade after reports that the company is planning to sell its integrated cement plant in Orissa. The company is in talks with OCL India among others to sell its Orissa cement unit. The deal is valued at an enterprise value of Rs 250 crore, according to media reports. At 11.16 am, shares of Shiva Cement were trading 12.60 per cent up at Rs 8.76. The scrip opened the day at Rs 7.71 and had touched a high and low of Rs 9 and Rs 7.71, respectively, in trade so far. Later, the scrip closed 9.90 per cent up at Rs 8.55.
For the quarter ended June 30, 2016, the company registered a net loss of Rs 1.39 crore against net profit of Rs 0.43 crore in the corresponding quarter a year ago. Net sales of the company decreased by 49.67 per cent year-on-year to Rs 8.15 crore for the quarter under review against Rs 16.19 crore in the same quarter last fiscal. Operating profit of Shiva Cement slipped by 53.87 per cent year-on-year to Rs 1.14 crore from Rs 2.48 crore during the same period.
In the past one year, shares of the company have risen 126.16 per cent to Rs 7.78 till October 7, whereas BSE Sensex jumped by 3.79 per cent during the same period. The BSE group ‘XC’ stock of face value Rs 2 had touched its 52-week high of Rs 9.00 on October 10, 2016 and 52-week low of Rs 3.25 on October 28 last year.
The company is engaged in the business of manufacturing of cement and allied products. Its plants are located at Kalunga and Sundargarh in Orissa. The company has a combined installed capacity of 1,77,000 tonnes per annum.