India's Nuvoco Vistas shares fall in dampened market debut

Nuvoco Vistas

23/08/2021 07:59

** Cement maker's shares  NUVO.NS  fall as much as 14.9% to
485 rupees in its debut on Indian exchanges
    ** Nuvoco Vistas, a part of the Nirma Group, is the fastest
growing cement firm in India in terms of capacity addition,
according to analysts
    ** NUVO will use proceeds from the fresh issue of 15 bln
rupees ($201.95 mln) to repay debt; NUVO net debt at 67.30 bln
rupees as of March 31, 2021
    ** Company's shares pare some losses, now down ~5%
    ** Expect cement demand to fall once more in fiscal 2021
after a modest dip last year, which could continue to materially
and adversely affect Nuvoco's business, financial condition and
results of operations - HDFC Securities
    ** NUVO's dependency on limited number of suppliers for raw
materials especially during the pandemic could have a
significant impact on the company - HDFC Securities

 ($1 = 74.2770 Indian rupees)

 (Reporting by Shivani Singh in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))