The Ramco Cements Ltd on Thursday urged the Tamil Nadu government to reconsider the proposal to levy mineral-bearing land tax, alleging imposition of a new tax would adversely affect the cement industry in the state. "Cement is already suffering high incidence of taxes and duties. The imposition of new tax would adversely affect the cement industry in Tamil Nadu and make cement costlier at the hands of the end user. It is also felt that the rates proposed by the Government of Tamil Nadu are also on the higher side compared to the rates of the neighbouring states," the Chennai-headquartered firm said in a BSE filing.
"Hence, we propose to represent to the government of Tamil Nadu, to reconsider the proposal to levy mineral bearing land tax," it added.
To recall, the filing mentioned that the Tamil Nadu government has published "Tamil Nadu Mineral Bearing Land Tax Act, 2024", in the state's Gazette Extraordinary on February 20, 2025.
"According to this act, the government proposes to levy a tax called mineral bearing land tax on the lands bearing any mineral mentioned in the Schedule to the Act, at such rates as specified therein," it stated.
"The government is yet to notify the date on which this Act will come into force and also yet to make the rules for carrying out the purposes of this act. The rules may provide for the manner of levy, assessment and collection of tax, manner of payment of tax, etc," Ramco Cements further said.
On the stock-specific front, the stock was last seen trading 2.14 per cent lower at Rs 803.55 today. At this price, it has tumbled 16.85 per cent in the calendar year 2025 so far.
Technically, the counter traded lower than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 31.10. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The stock has a price-to-equity (P/E) ratio of 37.09 against a price-to-book (P/B) value of 2.64. Earnings per share (EPS) stood at 21.49 with a return on equity (RoE) of 7.11.
As of December 2024, promoters held a 42.75 per cent stake in the cement company.