Star Cement up 4% as arm bags license for limestone block in Assam

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Star Cement shares gained 3.6 per cent on BSE, logging an intraday high at Rs 211.10 per share in Tuesday's trade. The northward movement in the stock came after the company arm Star Cement Meghalaya Ltd was declared as the ‘preferred bidder’ for the composite license of Boro Hundong limestone block in e-auctions by the Government of Assam.

 

Around 9:31 AM, Star Cement share price was up 2.04 per cent at Rs 207.9 per share on BSE. In comparison, the BSE Sensex was up 0.63 per cent at 74,640.51. The market capitalisation of the company stood at Rs. 8,402.91 crore. The 52-week high of the stock was at Rs 255.95 per share and the 52-week low was at Rs 171.55 per share.

 

"This is to inform you that the M/s Star Cement Meghalaya Limited, a Subsidiary of the Company, has been declared as the ‘Preferred Bidder’ for the Composite License of Boro Hundong Limestone Block in e-auctions conducted by the Government of Assam," the filing read. 

 

The aforesaid block is situated in district of Dima Hasao (formerly North Cachar Hills), Assam over an area of 400 hectares with estimated limestone resource of 146.75 million tonnes.  ALSO READ | What sparked 9% rally in Ircon International share on March 18? Details

 

Recently, Star Cement proposed to set up a Rs 3,200-crore cement clinker and grinding plant in Assam.

 

A Memorandum of Understanding (MoU) in this regard was signed between the state government and the company on the concluding day of the Advantage Assam business summit on Wednesday, Chief Minister Himanta Biswa Sarma said.

 

That apart, a contract was signed between the state government and Matheson Hydrogen Lvt Ltd, which is willing to set up a Rs 1,500-crore hydrogen and steam generation plant.

 

The state government also signed a Rs 500-crore MoU with Global Health Ltd, while two non-financial agreements were signed with ITE Education Service. 

 

Star Cement is cement manufacturer in India, known for producing high-quality cement for both residential and industrial construction. The company operates in the eastern part of India and is recognized for its strong presence in states like Assam, Meghalaya, and West Bengal. Star Cement produces a range of cement products, including Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), and Portland Slag Cement (PSC), catering to various construction needs.

 

In the past one year, Star Cement shares have gained 0.36 per cent against Sensex's rise of nearly 2 per cent.