Shree Cement shares halt 6-day losing run after dismissing tax evasion report, stock up 3%
Shree Cement share price: The counter's 14-day relative strength index (RSI) came at 35.79. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 64.29. It has a price-to-book (P/B) value of 4.84.
- Jun 27, 2023,
- Updated Jun 27, 2023 12:25 PM IST
Shares of Shree Cement Ltd paused their six-day fall in Tuesday's trade after the company dismissed speculative reports about income tax (I-T) evasion. The stock rose 2.54 per cent to hit a day high of Rs 24,265.60 over its previous close of Rs 23,664.90. A news report earlier claimed that I-T evasion amounting to Rs 23,000 crore was found in searches at multiple company locations. In response, the company said, "The survey initiated by the tax department is ongoing and the company is extending its full cooperation. We believe that the captioned news-item appearing in the media is baseless and speculative in nature. Hence, we would like to refrain from making any comments." The ongoing 'survey' by tax department started on June 21.
"When the company gathered that some negative and incorrect information about the company and its officials is circulating in certain section of the media, it immediately issued a clarification that the company is extending full cooperation to the officials and the information circulating otherwise in the media is incorrect and without ascertaining facts," Shree Cement further stated.
"Since the survey is yet to be concluded, we are unable to make assessment of its impact. We shall update the stock exchange in case there is any material impact resulting from the above survey," it added.
A total of 1,394 shares changed hands today on BSE, which was lower than the two-week average volume of 1,690 shares. Turnover on the counter stood at Rs 3.35 crore, commanding a market capitalisation (m-cap) of Rs 86,557.71 crore. There were 1,708 buy orders against sell orders of 1,461 shares.
At today's high price of Rs 24,265.60, the stock traded 10.17 per cent lower from its 52-week high of Rs 27,013, a level seen on February 21, 2023. That said, it was up 28.94 per cent from its one-year low price of Rs 18,820, hit on June 28, last year. On a year-to-date (YTD) basis, the stock has moved 2.40 per cent higher.
The counter's 14-day relative strength index (RSI) came at 35.79. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 64.29. It has a price-to-book (P/B) value of 4.84.
Yet, the scrip has an average target price of Rs 24,503.10, Trendlyne data showed, suggesting a potential upside of 2.04 per cent. It has a one-year beta of 0.66, indicating low volatility on the counter.
Shree Cement has a consolidated cement production capacity of 47.4 million tonnes per annum (including overseas) and a power generation capacity of 752 Megawatts. Its operations span across India and the UAE with 4 integrated plants in India, 1 in UAE and 9 grinding units. It also has the second-highest installed capacity of waste heat recover power plants in the world.
Meanwhile, Indian equity benchmarks rose in early deals today, led by gains across all sectors.
Also read: Wipro shares down 14% from 52-week high; Motilal Oswal suggests share price target of Rs 360
Also read: HAL shares rise ahead of board meet on stock split, dividend. What analysts say on defence stock
Shares of Shree Cement Ltd paused their six-day fall in Tuesday's trade after the company dismissed speculative reports about income tax (I-T) evasion. The stock rose 2.54 per cent to hit a day high of Rs 24,265.60 over its previous close of Rs 23,664.90. A news report earlier claimed that I-T evasion amounting to Rs 23,000 crore was found in searches at multiple company locations. In response, the company said, "The survey initiated by the tax department is ongoing and the company is extending its full cooperation. We believe that the captioned news-item appearing in the media is baseless and speculative in nature. Hence, we would like to refrain from making any comments." The ongoing 'survey' by tax department started on June 21.
"When the company gathered that some negative and incorrect information about the company and its officials is circulating in certain section of the media, it immediately issued a clarification that the company is extending full cooperation to the officials and the information circulating otherwise in the media is incorrect and without ascertaining facts," Shree Cement further stated.
"Since the survey is yet to be concluded, we are unable to make assessment of its impact. We shall update the stock exchange in case there is any material impact resulting from the above survey," it added.
A total of 1,394 shares changed hands today on BSE, which was lower than the two-week average volume of 1,690 shares. Turnover on the counter stood at Rs 3.35 crore, commanding a market capitalisation (m-cap) of Rs 86,557.71 crore. There were 1,708 buy orders against sell orders of 1,461 shares.
At today's high price of Rs 24,265.60, the stock traded 10.17 per cent lower from its 52-week high of Rs 27,013, a level seen on February 21, 2023. That said, it was up 28.94 per cent from its one-year low price of Rs 18,820, hit on June 28, last year. On a year-to-date (YTD) basis, the stock has moved 2.40 per cent higher.
The counter's 14-day relative strength index (RSI) came at 35.79. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 64.29. It has a price-to-book (P/B) value of 4.84.
Yet, the scrip has an average target price of Rs 24,503.10, Trendlyne data showed, suggesting a potential upside of 2.04 per cent. It has a one-year beta of 0.66, indicating low volatility on the counter.
Shree Cement has a consolidated cement production capacity of 47.4 million tonnes per annum (including overseas) and a power generation capacity of 752 Megawatts. Its operations span across India and the UAE with 4 integrated plants in India, 1 in UAE and 9 grinding units. It also has the second-highest installed capacity of waste heat recover power plants in the world.
Meanwhile, Indian equity benchmarks rose in early deals today, led by gains across all sectors.
Also read: Wipro shares down 14% from 52-week high; Motilal Oswal suggests share price target of Rs 360
Also read: HAL shares rise ahead of board meet on stock split, dividend. What analysts say on defence stock