HeidelbergCement gains after completion of transfer of Raigad cement grinding unit

HeidelbergCement India rose 1.01% to Rs 39.90 at 12:29 IST on BSE after the company said that it has completed the sale and transfer of its cement grinding facility at Raigad, Maharashtra to JSW Steel.

The announcement was made after market hours on Friday, 3 January 2014.

Meanwhile, the S&P BSE Sensex was down 40.51 points or 0.19% at 20,810.82.

On BSE, so far 50,000 shares were traded in the counter as against average daily volume of 46,156 shares in the past one quarter.

The stock was volatile. The stock rose as much as 3.79% at the day's high of Rs 41 so far during the day. The stock lost as much as 1.26% at the day's low of Rs 39 so far during the day. The stock had hit a 52-week high of Rs 59.20 on 4 January 2013. The stock had hit a 52-week low of Rs 27.85 on 20 August 2013.

The stock had underperformed the market over the past one month till 3 January 2014, declining 3.07% compared with the Sensex's 0.02% fall. The scrip had, however, outperformed the market in past one quarter, jumping 18.09% as against Sensex's 4.77% rise.

The small-cap company has equity capital of Rs 226.62 crore. Face value per share is Rs 10.

HeidelbergCement India said that it has on Friday, 3 January 2014, completed the sale and transfer of its cement grinding facility at Raigad, Maharashtra to JSW Steel, as a going concern on slump sale basis in accordance with business transfer agreement (BTA) executed between the company and JSW Steel on 5 October 2013. The aforesaid sale and transfer will take effect from the end of business hours on Friday, 3 January 2014, the company said.

HeidelbergCement India reported a net loss of Rs 28.35 crore in Q3 September 2013, compared to net profit of Rs 7.51 crore in Q3 September 2012. Net sales rose 15.4% to Rs 294.07 crore in Q3 September 2013 over Q3 September 2012.

HeidelbergCement India is a subsidiary of Cementrum I. B.V (a company incorporated under the laws of The Netherlands, which is 100% controlled by HeidelbergCement AG).

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