India's Sagar Cements falls to near 8-month low on approving guarantee for unit's loan

Sagar Cements

28/03/2023 09:32

** Shares of Sagar Cements  SGRC.NS  fall as much as 3.95%
to 180 rupees, lowest since Aug. 5, 2022
    ** Stock on track to fall for fourth consecutive session, if
losses hold
    ** SGRC says has approved proposal to furnish corporate
guarantee worth up to 6.65 bln rupees ($80.9 mln) to State Bank
of India  SBI.NS  as security for loan taken by its unit, Andhra
Cements  ANDC.NS  
    ** Adds, also approved proposal to pledge 25% of co's
holdings in ANDC in favour of SBI as further security for loan
    ** Share price below 50-, 100- and 200-day simple moving
averages, suggesting bearish trend
    ** SGRC's relative strength index below 30, indicating it is
oversold
    ** More than 42,000 shares change hands by 1:38 p.m. IST vs
30-day avg of 73,979 shares
    ** 8 of 11 analysts covering stock have "buy" or "strong
buy" rating, while 3 have "hold"; median PT is 241 rupees -
Refinitiv 
    ** Stock down 19.6% YTD, as of last close



($1 = 82.2180 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))