Madras Cements to foray into sugar, pharma, power and textiles

The Board of Directors of Madras Cements Ltd at its meeting held on May 30, 2007, has decided to establish Grinding Units in the States of Tamil Nadu, Andhra Pradesh and West Bengal.

As a measure of diversification the company plans to enter into industries viz., Sugar and its by-products, Pharmaceuticals, Power & Power equipments and Textiles. For this purpose, the Company is proposing to obtain through Postal Ballot, the approval of the Members for necessary amendments in the Objects Clause of the Memorandum of Association. The Company also proposes to obtain the approval of the Members by way of Special Resolution at the forthcoming Annual General Meeting scheduled to be held on July 27, 2007 for commencement of the new activities.

The stock closed the day at Rs.2800, up by Rs.45.30 or 1.64%. The stock hit an intraday high of Rs.2850 and low of Rs.2760. The total traded quantity was 4465 compared to 2 week average of 7162.

Source : Equity Bulls

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