On Friday, after market hours, Rain Industries announced that Rain Cements, a Wholly owned Subsidiary company has commenced operations of Waste Heat recovery based Power Plant. This plant can generate up to 7 MW of gross electrical energy from the waste heat and the flue gases evolved during the Cement manufacturing process at Boincheruvupalli Village, Peapully Mandal, Kurnool District, Andhra Pradesh.

The project was completed at a cost of Rs. 70 crores and the same was funded from internal accruals.

The company has stated that the process of waste heat generation is environmental friendly that will bring down the flue gas temperatures. The heat recovery from the flue gases not only saves large quantities of fossil fuels but also substantially reduces the cost of power generation.

The market, which is currently hungry for good news, decided to celebrate this with an over 6% jump at Rs.47.90, tantalizingly close to its 52-week high of Rs.49.50.