Here's why The Ramco Cement share price rose 4% in trade on January 5

The Ramco Cements announced that it has received an approval from the Government of Andhra Pradesh for the purpose of including Quartzite mineral in the existing mining lease for limestone

The Ramco Cements Share Price Today: Shares of Cement & Cement Products manufacturing company The Ramco Cements were buzzing in trade on the week’s first trading session on the bourses. The company’s share price rose 3.61 per cent to log an intraday high of ₹1,094.9 per share on the NSE after the company announced that it has received an approval from the Government of Andhra Pradesh for the purpose of including Quartzite mineral in the existing mining lease for limestone.

 

Though the counter has pared the gains partially, it continues to see demand from investors. At 11:58 AM, The Ramco Cements shares were seen exchanging hands at ₹1,092.60 per share, up 3.24 per cent from its previous close of ₹1,056.70 per share on the NSE. The benchmark Nifty, meanwhile, was trading at 26,322, lower by 6 points or 0.02 per cent.

 

 

A combined total of nearly 0.32 million equity shares of Poonawalla Fincorp, estimated to be worth ₹35 crore, have exchanged hands on the NSE and BSE so far today. The cement maker company’s market capitalisation stood at ₹25,803.13 crore.

Here’s why The Ramco Cements shares were ruling higher on the bourses

The northward movement in The Ramco Cements share price came after the company announced that it has received an approval from the Industries & Commerce (M.II) Department, Government of Andhra Pradesh, for the inclusion of Quartzite mineral in the existing mining lease for limestone held by the company in Kalavataka and Kotapadu Villages, Kolimigundla Mandal, Nandyal District, Andhra Pradesh.

 

According to the regulatory filing submitted by the company, the quantum of mineable quartzite reserves has not yet been determined.

 

The quartzite, the company said, proposed to be extracted is intended to be utilised for manufactured sand and pozzolanic additives in the cement industry, or for any other industrial use that may arise in future.

 

Further, the said approval is valid up to 10.03.2053, subject to satisfaction of all terms and conditions laid down under the MM (D&R) Amendment Act, 2015, and other standing instructions and guidelines issued by the Government of India and the State Government from time to time, as per the regulatory filing.