The fund-raising at an interest rate that will be determined by the prevailing money market conditions at the time of borrowing subject to the approval of the shareholders, it added.
The cement sector may see an improvement in prices in June when construction activity by the government, as well as, individuals start picking up and a shortage of labour eases.
Analysts at Elara Capital remain positive on cement sector, as they believe expected price hikes of Rs 10-25 per bag in the upcoming month coupled with gradual demand improvement would lead to meaningful improvement in the financial performance of cement companies.
However, analysts at Systematix Shares and Stocks (India) estimate a slower growth rate for cement sector in June quarter led by negligible fresh orders due to all-India elections besides assembly elections in Andhra Pradesh and Odisha, drought-like conditions in select areas of south, west and central India and a high base of 16 per cent YoY in Q1FY19.
At 01:36 pm, JK Cement
was up 6 per cent at Rs 957 on the BSE, as compared to 0.67 per cent decline in the S&P BSE Sensex. A combined 1,75,343 shares changed hands on the counter on the BSE and NSE till the time of writing this report.