Shiva Cement logs concrete gains on likely change of guard

Shiva Cement gained 4.15% to Rs 13.05 at 12:13 IST on BSE after the company scheduled a board meeting to consider a cement company's proposal for purchasing promoter's shares.

The company announced the board meeting after trading hours yesterday, 9 January 2017.

Meanwhile, the S&P BSE Sensex was up 135.50 points, or 0.51% at 26,862.05

On the BSE, 18.56 lakh shares were traded on the counter so far as against the average daily volumes of 6.76 shares in the past one quarter.

The stock hit a high of Rs 13.15 in intraday trade so far, which is 52-week high for the counter. The stock had hit a low of Rs 12.20 so far during the day. The stock hit a 52-week low of Rs 4.15 on 25 February 2016. The stock had outperformed the market over the past 30 days till 9 January 2017, gaining 26.95% compared with Sensex's 0.08% fall. The scrip had also outperformed the market in past one quarter, surging 46.55% as against Sensex's 4.83% decline.

The small-cap company has equity capital of Rs 37.40 crore. Face value per share is Rs 2.

Shiva Cement said that the board meeting of directors of the company will be held on 10 January 2017, to consider proposal of a cement company for purchasing promoter's shares in Shiva Cement and thereby enabling them to invest and expand plant capacity of Shiva Cement. Promoter holding stood at 37.15% (as at 30 September 2016).

Shiva Cement was incorporated in the year 1985 and first commercial production commenced in 1986. The company's manufacturing facility is located at Orissa. Both Portland Slag Cement (PSC) and Portland Pozzolana Cement (PPC) are produced and marketed under Sumangal brand.

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