New Delhi, Sept. 11 -- Cement maker Nuvoco Vistas Corporation Ltd's stock is up 45% over the past six months, inching ever closer to its 52-week high of Rs.477. Investors' optimism is fuelled by hopes that Nuvoco may have finally struck a balance between growth and capital discipline.

Earlier this month the company announced a fresh four-metric-ton (mt) expansion in eastern Indian, which includes a new grinding mill at the Arasmeta cement plant in Chhattisgarh, and removing bottlenecks and upgrading processes at the Jojobera, Panagarh and Odisha plants in phases. This will cost Rs.200 crore and will be fully funded through internal accruals. At $6 per tonne, the planned expenditure is lower than typical expansion costs.

Nuvoco acquired ...