Ind Ra affirms Mangalam Cement's CP at 'IND A1+'; Stock surges 1%

5 Aug 2022 , 01:35 PM

India Ratings and Research (Ind-Ra) has affirmed Mangalam Cement Limited’s (MCL) commercial paper (CP) rating worth Rs750 crore at ‘IND A1+’.

At around 1:37 PM, Mangalam Cement was trading at Rs314.90 per share up by Rs2.9 or 0.93% from its previous closing of Rs312 per share on the BSE.

The scrip opened at Rs312 and has touched a high and low of Rs320 and Rs310.10 respectively so far today. The current market cap of the company is Rs857.92 crore.

Incorporated in 1976, MCL is a Rajasthan-based company engaged in cement manufacturing, with an installed cement capacity of 4.4mnt and clinker capacity of 2.7mnt.

MCL has two captive thermal power plants with a total capacity of 35MW, wind turbines with a total capacity of 13.65MW and a waste heat recovery power plant with a total capacity of 11MW, spread across Rajasthan and Uttar Pradesh.