Updated January 4th, 2024 at 16:14 IST
DCM Shriram stocks zoom following Rs 12,000 crore MoU with Gujarat government
The share price of DCM Shriram has hit an all-time high of Rs 1,175 per share after the company signed Rs 12,000 crore MoU with Gujarat Govt.
DCM Shriram share surge: The shares of DCM Shriram, which has a presence in sugar, fertiliser and chemical businesses, have surged 14.41 per cent to hit an all-time high of Rs 1,175 per share. The surge came after the company signed a memorandum of undertaking (MoU) with the Gujarat government to invest Rs 12,000 crore. According to the MoU, DCM Shriram will manufacture chemical and petrochemical products in Bharuch by 2028.
DCM Shriram, currently recognised as India’s second-largest Chlor Alkali manufacturer, has robust Chlor Alkali facilities in Bharuch, Gujarat. The company aims to amplify existing capacities while diversifying its Chlor-Alkali portfolio with the addition of new products.
The diversified business portfolio of DCM Shriram encompasses multiple sectors, including the Chlor-Vinyl Business (covering Caustic Soda, Chlorine, Aluminium Chloride, Calcium Carbide, PVC Resins, PVC Compounds, Power, and Cement), the Agri-Rural Business (encompassing Urea, Sugar, Ethanol, and a comprehensive range of farm solutions, along with R&D-based Hybrid Seeds), and the Value Added Business - Fenesta Building Systems, specialising in UPVC and Aluminium Windows & Doors.
This surge reflects the positive investor sentiment surrounding the company's strategic collaboration with the Gujarat government, reinforcing its position in the chemical and petrochemical sectors. The MoU aligns with DCM Shriram's commitment to expansion, innovation, and contributing to the economic landscape of Gujarat.
DCM Shriram shares closed 9.85 per cent higher at Rs 1,140.65 apiece on the NSE.
Published January 4th, 2024 at 15:30 IST