Checkout Budget Highlights 2023Shree Cement has emerged as the highest bidder for the Datima Coal Mine Block, which is located in Surajpur Tehsil in the Surguja District of Chattisgarh. Reacting to this, the company's stock price edged higher and closed in the green despite weak market conditions.
The Datima Coal Mine Block has geological reserves of 13.30 million tonnes. The auction for the coal block was conducted by the Ministry of Coal, Government of India, on February 27, 2023.
"Shree Cement has participated in the auction with the aim of creating fuel security through long-term fuel supply sourcing options for its operations while also having the flexibility to use the coal for other commercial purposes," the company said in an exchange filing.
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Shree Cement ended the session on February 28 at Rs 25,920.95, up Rs 154.80, or 0.60 percent. It had touched an intraday high of Rs 26,230.70 and an intraday low of Rs 25,649.00.
In an interview with CNBC-TV18, HM Bangur, Managing Director of Shree Cement said he was bullish on the cement industry and expects to see 10 percent industry growth.
March to June period witnesses good demand. Hence, the prices should increase going ahead. It is expected that from March onwards, when the peak season starts, the demand should pick up. So we are a week away from some price rise, Bangur said.