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J K Cement spurts after strong Q4 results

Capital Market 

J K Cement rose 4.60% to Rs 1,121.15 at 10:42 on after net profit rose 30.42% to Rs 91.37 crore on 7.74% rise in net sales to Rs 1018.86 crore in Q4 March 2017 over Q4 March 2016.

The result was announced on Saturday, 13 May 2017.

Meanwhile, the S&P Sensex was up 134.33 points, or 0.44% to 30,322.48.

On the BSE, 33,000 shares were traded in the counter so far, compared with average daily volumes of 9,197 shares in the past one quarter. The stock had hit a high of Rs 1,194.20 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 1,100 so far during the day. The stock hit a 52-week low of Rs 573.75 on 2 June 2016.

The stock had outperformed the market over the past one month till 12 May 2017, rising 14.72% compared with 2.47% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 28.45% as against Sensex's 6.54% rise.

The mid-cap company has equity capital of Rs 69.93 crore. Face value per share is Rs 10.

J K Cement's net profit rose 151.21% to Rs 259.58 crore on 5.18% rise in net sales to Rs 3703.55 crore in the year ended March 2017 over the year ended March 2016.

Meanwhile, the company said that its board decided to raise upto Rs 500 crore by issuing secured/irredeemable non-convertible debentures in one of more series/tranches on private placement basis at an interest rate that will be determined by the prevailing money market conditions at the time of borrowing subject to the approval of the shareholders.

The board also decided to expand the wall putty production capacity from existing 2 lakh MT per annum to 4 lakh MT per annum at J K White, Katni.

Further, the board took note of increase in clinker production capacity by 3.30 lakh tons per annum in Rajasthan grey cement plants by cooler modification and de-bottlenecking/up-gradations with the total cost of approximately Rs 50 crore. With this the overall grey cement clinker capacity of Rajasthan plants stands increase to 54.45 lakh tons per annum.

J K Cement has over four decades of experience in cement manufacturing.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 15 2017. 10:43 IST