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Loss-making company Mysore Cements Ltd shot up by 60 per cent since February 20 on the buzz that the company was finally coming out of difficult times, thanks to the recent spurt in cement prices.

Dealers said the company was also confident of getting "positive results" on its on-going negotiations with bankers to restructure its loans and to waive off interest rates on the loans that were taken 7-10 years ago. Huge losses by the company in the last few years had wiped out its networth.

The company's shares hit the upper circuit on Monday at Rs 43.65, up 4.93 per cent, from Friday's Rs 41.60 (on BSE). The shares gained by 13 per cent from last Monday's Rs 38.40. On the NSE, the stock rose by over five per cent. Over 16 lakh shares were traded on the exchanges.

The company, however, denied that it was in talks with cement major Holcim to sell its equity stake and termed reports to this effect as "speculative".

Rajesh Abraham

More Stories on : Stock Markets | Ear to the ground | Cement

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