JSW Energy: JSW Energy stock soars to 52-week high on Rs 5,000 crore QIP plans
The JSW Energy company planning to acquire Rs.5000 crore through QIP Process by issuing Rs.510 per share and Rs.550 traded now.
On April 3, shares of JSW Energy surged over 2 percent, reaching a 52-week high of Rs 558, following the company’s announcement of plans to raise Rs 5,000 crore through qualified institutional placements (QIP) in one or more tranches.
JSW ENERGY Market Price is moving in Ascending channel and market has reached higher high area of the channel
Although the date of the QIP launch is yet to be finalized, the company’s board has established a finance committee to make decisions regarding it. The floor price for the QIP has been set at Rs 510 per share, with an indicative issue price of Rs 485 per share.
However, JSW Energy has not disclosed specifics regarding the utilization of the funds raised through the QIP.
The company reported robust financial performance for the third quarter of FY24, with a consolidated net profit growth of 24.36 percent year-on-year. This growth was primarily attributed to strong performances in its thermal portfolio and merchant sales. Additionally, the company witnessed a 13.3 percent year-on-year increase in revenue, reaching Rs 2,661.41 crore for the quarter, compared to Rs 2,349.79 crore in the corresponding period of the previous year.
RAMCO CEMENT: Ramco Cement trades down despite Odisha plant launch
The Ramco Cement company started its Odisha plant of Line 2 operations 0.90 million Tonnes per annum, now it is increased to 1.80 MTPA and line setup is completed.
RAMCO CEMENTS Market Price is moving in Ascending channel and market has reached higher low area of the channel
On April 3, despite Ramco Cement’s announcement of commissioning Line II and commencing commercial production at its existing grinding unit in Haridaspur, Odisha’s Jajpur district, the company’s shares experienced a marginal decline in early trading.
The newly commissioned Line II has a cement manufacturing capacity of 0.90 million tonnes per annum (MTPA), effectively doubling the aggregate capacity of the Odisha Grinding Unit to 1.8 MTPA.
ULTRATECH CEMENT: UltraTech Cement gains 2% on Rs 32,000-cr capex, plant launches
The Ultra tech Cement Company said Rs.32000 Cr has to invest for increasing another 50MTPA in the next 5 years. Currently 151.6 MTPA is progressing. Cement growth in India is well established and growth will be seen more in next 5 years.
On the morning of April 3, shares of UltraTech Cement Limited surged over 2 percent to Rs 10,278 following the commencement of operations at two greenfield projects in Chhattisgarh and Tamil Nadu.
ULTRATECH CEMENT Market Price is moving in Ascending channel and market has rebounded from the higher low area of the channel
The company’s domestic grey cement manufacturing capacity has now increased to 146.2 metric tonnes per annum (mtpa), with an additional capacity of 5.4 mtpa in the UAE. Consequently, UltraTech Cement’s total capacity now stands at 151.6 mtpa.
UltraTech Cement has achieved this milestone by investing around Rs 32,000 crore, adding 50 mtpa in less than five years. The company stated in a regulatory filing that its growth trajectory over the past two decades has been remarkable, surpassing industry growth rates significantly.
KC Jhanwar, the managing director of UltraTech Cement, emphasized that India’s robust growth prospects offer ample opportunities for the cement sector’s long-term growth. With its strong position in the industry, the company is well-equipped to support the country’s growth trajectory.
Morgan Stanley has given an ‘overweight’ rating to UltraTech Cement, with a price target of Rs 12,000, implying a potential upside of 19.5 percent from the last closing price of Rs 10,038. The brokerage noted that the company’s focus on capacity market share gains, combined with its size, pan-India presence, and strong balance sheet, positions it favorably in the industry.
In late March, the Competition Commission of India (CCI) approved UltraTech Cement’s proposed acquisition of Kesoram Cement business from Kesoram Industries.
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