Investors had converted 60,000 warrants but were given 10 shares on conversion, on an adjusted basis post its stock split in 1:10 ratio in October 2023.
BCL Industries finally settled at Rs 66.90 for the day, up 4 per cent from its previous close, commanding a total market capitalization of close to Rs 1,700 crore.
Shares of BCL Industries surged more than 11 per cent to Rs 79.14, its new 52-week high, commanding a total market capitalization of close to Rs 2,000 crore.
It is well known that besides giving policy push to the manufacturing sector as a whole, there is another priority list of the government, that is building physical infrastructure like highways, ports and airports. Binding all the infrastructure projects, whether big or small are two commodities, cement and steel along with the knowledge of engineering. While steel is a global commodity, prices are more determined by global moves. However in case of cement the prices are driven by domestic demand and supply dynamics and input costs matrix. In the last two months, the way companies were able to inch up their prices is clear indications that demand is stronger. It is very likely that cement as a sector which has traded not at every high valuations might see a re-rating especially in mid and small cap space.
Shares of BCL Industries surged another 5 per cent to Rs 62.39 on Tuesday, hitting its new 52-week high, with a total market capitalization of more than Rs 1,550 crore.