A total of 26,019 shares changed hands in the counter on BSE by afternoon trade.

The stock bounced back from the lower level since mid-December 2005 in the run up to the announcement. From a low of Rs 25.80 on 15 December 2005, the stock jumped 25.5% to Rs 32.40 by 26 December 2005, in a short span.

Saurashtra Cement has huge debts in its accounts. As on 30 June 2005, debts aggregated Rs 368.94 crore. Interest cost was a huge Rs 45.18 crore for the company in FY 2005 (year-ended 30 June 2005). The Corporate Debt Restructuring (CDR) Empowered Group today approved a financial restructuring package which allows partial conversion of debts into equity.

Saurashtra Cement is one of the prominent cement players in the Gujarat market.