Star Cement Ltd on Wednesday issued its clarification over a news report titled "Adani Group evaluates acquiring Star Cement for expansion in NE (North East)." The cement firm, in response to an exchange query, termed the report as 'speculative', adding that is not engaged in any discussions in this regard.
"With reference to the news item, we hereby clarify that the above mentioned news item is speculative and the Company is not engaged in any discussions in this regard. We have always made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," it stated.
Earlier in the day, bourses BSE and NSE sought clarification from the company over the "Adani Group evaluates ... " report.
On the stock-specific front, Star Cement jumped 13.66 per cent to hit a day high of Rs 222.95. The scrip was last seen trading 6.09 per cent up at Rs 208.10. At this price, it has climbed 17.64 per cent in the calendar year 2024 so far.
The counter saw high trading volume on BSE today as around 5.90 lakh shares changed hands at the time of writing this story. The figure was way more than the two-week average volume of 26,000 shares. Turnover on the stock came at Rs 12.43 crore, commanding a market capitalisation (m-cap) of Rs 8,388.76 crore. There were 5,32,905 sell orders against buy orders of 24,789 shares.
On technical setup, the scrip traded higher than the 5-day, 10-, 20-, 30-, 50-day and 100-day simple moving averages (SMAs) but lower than the 150-day and 200-day SMAs. The stock's 14-day relative strength index (RSI) came at 62.88. A level below 30 is defined as oversold while a value above 70 is considered overbought.
As per BSE, the carrier's stock has a price-to-equity (P/E) ratio of 106.13 against a price-to-book (P/B) value of 5.13. Earnings per share (EPS) stood at 1.95 with a return on equity (RoE) of 4.83.
Star Cement is the largest manufacturer with the highest market share in the North East with an installed capacity of 7.7 mtpa (million tonnes per annum). As of September 2024, promoters held a 66.47 per cent stake in the cement firm.