India: OCL in talks to buy Shiva Cement's Orissa plant

Shiva Cement is in talks with OCL India among others to sell its integrated cement plant in Orissa, according to the Financial Express. Shiva Cement shares surged as much as 15.68 per cent and hit their fresh 52-week high in morning trade.

For the quarter ended 30 June 2016, the company registered a net loss of INR1390m (US$20.7m) against net profit of INR0.430m in the corresponding quarter a year ago. Net sales of the company decreased by 49.67 per cent YoY to INR8150m for the quarter under review against INR16,190m in the same quarter last fiscal. Operating profit of Shiva Cement slipped by 53.87 per cent YoY to INR1140m from INR2480m during the same period.

The company's cement plants are located at Kalunga and Sundargarh in Orissa. The company has a combined installed capacity of 1.77Mta.