Last Friday, while the Indian stock market was experiencing a selling phase, some penny stocks saw significant demand. One such stock was Shri Chakra Cement.
Despite the broader market downturn, the share price of Shri Chakra Cement surged by 20%, climbing from its previous close of ₹4 to ₹4.80 during trading. This marks its 52-week high, with the 52-week low standing at ₹3.
Market Performance on Friday
Shri Chakra Cement’s rise occurred on a challenging day for the market. The BSE Sensex, a 30-share benchmark index, closed 241.30 points lower, down 0.31%, at 77,378.91.
During the session, the Sensex fluctuated significantly, reaching a high of 77,919.70 and a low of 77,099.55, reflecting a 820.15-point swing.
Similarly, the NSE Nifty dropped 95 points, or 0.40%, to close at 23,431.50, slipping below the critical 23,500 mark.
Company Background
Sri Chakra Cement Limited is a well-established company based in Andhra Pradesh.
Originally founded in 1985 as Parthasarathy Cements & Industries Limited, the company went through several name changes, becoming Sri Parthasarathy Cements & Industries Limited, then Goldstar Cements Limited, before finally adopting its current name, Sri Chakra Cement Limited.
Shareholding Pattern
In Shri Chakra Cement, the promoters hold a majority 51.61% stake, while public shareholders own 48.39%. Among the promoters:
1) KV Nagalitha holds 28.16%.
2) Vijay Kumar holds 22.98%.
3) Andhra Pradesh Industrial Development Corporation Limited owns 1,26,000 shares, equivalent to a 1.40% stake.
About Shri Chakra Cement
Sri Chakra Cement Limited is a prominent company in Andhra Pradesh’s industrial sector. Established in 1985 under the name Parthasarathy Cements & Industries Limited, the company has undergone several name changes:
1) It was renamed Sri Parthasarathy Cements & Industries Limited.
2) Later, it became Goldstar Cements Limited.
3) Finally, it adopted its current name, Sri Chakra Cements Limited.
