Entry of Shree Cements Ltd will boost the cement industry

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Shree Cement is one of the oldest cement manufacturer which was found in Ajmer district of Rajasthan during 1979 which has its head-quarters in Kolkata. The cement maker is one of the biggest cement maker in North India region and also produces power under the name Shree Power. The company was recently included in the Nifty 50 stocks as it replaced the private bank, YesBank on 18th March 2020. The company has raised capital for the first time since 1997 through the issuance of shares which portrays the strong financial background of the company as it enters the Nifty 50 during the tough times. Despite of the stock falling over 14% during its first day of the session, the bullish market sentiment for the stock has helped to provide a comeback as the price of the stock has been rising over the past trading sessions.

The following chart of Ichimoku cloud indicator shows the bullish trend of the stock as the formation of green cloud continues despite the Pandemic outbreak which shows the strong market sentiments for the stock. The Chikou span is also portraying an upward trend in the market while the base line is above the conversion line displaying a buy signal for the stock. 



The company has been facing few bearish trend because of the lockdown of its production plants across the country till March 31st due to the Coronovirus outbreak in the country. But the company has come up with the world’s largest cement kiln at Ras Al Khaimah in the UAE surpassing ACC cement’s plant capacity in Karnataka. The company has installed capacity that stands at 41.90 mtpa which has surpassed the capacity of ACC which is at 33.41 mtpa.

Also, with the government allocating funds for infrastructure development in the Budget increases the scope of business to the steel and cement industries which are the main raw materials for the construction. In the FY2018, India held the second position in the global cement industry with a production volume of 297.56 Mn tons which were supported by the FDI. The following chart of SuperTrend shows that the bearish trend started as the spread of COVID-19 in India increased and strict measures were taken such as lockdown of all districts along with educational institutions, offices, shops, malls etc..
 

But as the Nifty 50 continues to shows some positive or bullish trend in the market, the company’s share is also portraying a bullish trend which is shown by the formation of bullish candlesticks and the green bar in the histogram of Awesome Oscillator.

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