Shiva Cement once again in UC

Almost the entire of last week, Shiva Cement had been breaching the 5% upper circuit and today too, the penny stock breached the UC at Rs.7.90. Stock with a market cap of over Rs.150 crore, its 52-week high is at Rs.11.80.

The news is that the promoters of Shiva Cement have been looking for an exit route for some time now and has been looking at various companies who can buy them out. Now the unconfirmed news which has emerged today is that Shree Cement has submitted a preliminary offer to buy a majority stake in the company. Earlier, the name quoted was of JSW Cement which denied the news.

The offer from Shree Cement is said to be at Rs.15/share. Once again, all this news is hearsay and one does not know for sure till either of the two companies agrees or denies it. Till then, this penny stock will remain in the limelight, with traders hoping to make a quick buck once the buyout and price gets confirmed.