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Dalmia Cement shares soar 20 percent

By SiliconIndia   |   Friday, August 28, 2009
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Bangalore: Dalmia Cement (DALMIACEM) was the top gainer on Friday, after the stock went up by 19.99 percent from its previous close. The stock had closed on Thursday at Rs. 154.10 before opening on Friday at Rs. 160 from where the stock gained momentum to close at its intra-day high of Rs. 184.90. The stock has a 52 week of Rs. 229.90. Through the day a total volume of 632,455 Dalmia shares were traded with the current P/E of the stock at 8.98. The 52 week stock price chart is on the left. Dalmia is a cement company based in India with interests also in sugar, ethanol and power industries. The company also produces cement used in the construction of oil well, railway sleepers and airstrips. The current boom in the cement and sugar industry has shifted focus to players like Dalmia Cement, following which the company plans to raise its capacity. The boom is due to the increase in government-funded infrastructure projects and housing in smaller towns. The company is shortly bringing on stream additional cement capacity to the tune of 2.5 million tonnes and its capacity would reach nine million tonnes by October 2009. Dalmia's capacity is currently 6.5 million tonnes, and it includes 2.5 million tonne capacity at Kadapa, Andhra Pradesh, which was brought on stream in March this year. The one analyst following the stock recommends to hold the stock currently. Escorts Opportunities Fund is the only mutual fund holding Dalmia shares, with a total of 22,045 shares in its portfolio.
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