The stock erased all its gains and ended flat at Rs 450. The counter clocked volumes of 621 shares as compared to the two-week daily average traded volumes of 278 shares on the BSE.
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Plans to invest around Rs 1,700 crore on capacity expansion has given a fillip to the shares of Chettinad Cement. The company is trading at Rs 464, higher by Rs 13 or 3%, on the BSE.
The cement major is increasing its capacity to 13.4 million tonnes (mt) by 2013 from the current 7.5 million tonnes. This would include a greenfield plant at Gulbarga in Karnataka at an investment of around Rs 700 crore in Phase 1.
Chettinad Cement, which began operations with 0.2 mt in 1962, now produces 7.5 million tonnes across its plants at Puliyur, Karikkali and Ariyalur in Tamil Nadu.
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