Birla Corp: Shares of Birla Corporation Ltd. rose 4.85% in intraday trade, the most in 10 weeks, to Rs 1,429 apiece. Trading volume was the 13 times the 20-day average for this time of the day.
Birla Corp trades at 19 times its estimated earnings per share for the coming year.
Analysts have 22 ‘buy’, no ‘hold’ and no ‘sell’ recommendations on the stock. The overall consensus price of analysts tracked by Bloomberg implied an upside of 16%.
The Chairman of MP Birla Group Harsh Vardhan Lodha said that the company planned to raise its annual cement production capacity to 30 million tonnes by 2027, during the company’s annual general meeting on Wednesday. He also stated that the details of the plans would be announced after the approval by the board of directors. The 30 million tonnes target is an enhancement of the earning 25 million tonnes target that the company had set for 2025.
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Birla Corp’s current production capacity is 15.6 million tonnes and is expected to reach 20 million tonnes by the end of the current fiscal year.