Star Cement hits new high

Star Cement, which had closed yesterday at Rs.128.50, went on to hit a new high today morning at Rs.142.75.

The stock is up on news that the company, along with its subsidiary Star Cement Meghalaya has received Rs.159 crore towards Capital Investment Subsidy claims from the Central Government. The company will be using this amount towards repayment of loans.

The company’s debt at end of FY17 stood at Rs.795 crore.

Century Plyboards holds 70.48% stake in the company and in North East India, enjoys a 26% market share in cement sales. Its current cement capacity stands at 4.3 mtpa.