Mar 20: Prism Cement Ltd (BSE: 500338, NSE) hit a high of Rs 133 in Tuesday trade following the announcement of expansion at Spectrum Johnson Tiles Pvt Ltd, a step down joint venture fo the company. The expansion of 3 million metre square (MSM) per annum large format Glazed Vitrified Tiles capacity was undertaken at its Matel Plant in Morbi.
The plant has the capacity to produce large format GVT. Ie. 120 cm x 1220 cm, 120 x 180 cm and 120 cm x 240 cm. The commercial production started this month. The overall capacity of H&R Johnson (India), a division of Prism Cement Ltd, along with its joint ventures and subsidiaries is now 68 MSM per annum.
The scrip is currently trading 2.98% higher at Rs 115.90 . The company incorporated in 1992 is a Mid Cap company operating in the cement sector. It is trading at a PE of 75 indicating higher valuation by market. On technical charts, RSI of 41 indicates bearishness while MACD has witnessed a bearish crossover and ADX of 22 indicates range bound trading.