Kesoram Industries gains on aiming to scale up operations
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Kesoram Industries is currently trading at Rs. 63.75, up by 0.98 points or 1.56% from its previous closing of Rs. 62.77 on the BSE.
The scrip opened at Rs. 62.74 and has touched a high and low of Rs. 64.45 and Rs. 62.50 respectively. So far 110357 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 69.20 on 04-May-2023 and a 52 week low of Rs. 44.25 on 16-Aug-2022.
Last one week high and low of the scrip stood at Rs. 64.45 and Rs. 60.72 respectively. The current market cap of the company is Rs. 1977.06 crore.
The promoters holding in the company stood at 43.40%, while Institutions and Non-Institutions held 14.52% and 39.81% respectively.
Kesoram Industries is aiming at scaling up operations and refinance its high-cost debt to return to profitability. The company is putting its energies into scaling up the operations and is planning to sell 8 million tons of cement in the current fiscal year, up from 7.02 million tons in FY23.
The company is looking at raising Rs 60 crore this fiscal by hiving off its 21 acres of land belonging to Hindustan Heavy Chemicals in West Bengal's Khardaha, as part of raising resources by disposing of non-core assets. In the current fiscal, with improvements in cement prices and higher sales, the company is looking at an EBITDA of Rs 500-550 crore in FY24, up from Rs 371 crore in FY23.
Kesoram Industries has now become a pure cement company after it demerged the tyres and rayon business.
