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Rally in Sagar Cements fizzles out on profit booking

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lost 2.62% to Rs 695.35 at 14:50 on BSE, with the stock dropping on profit booking after a recent sharp upmove.

Meanwhile, the S&P Sensex was up 114.82 points or 0.44% at 26,464.99.

On the BSE, 8,271 shares were traded on the counter so far as against the average daily volumes of 4,956 shares in the past one quarter. The stock had hit a high of Rs 724 and a low of Rs 692.45 so far during the day. The stock had hit a record high of Rs 835 on 14 October 2016. The stock had hit a 52-week low of Rs 350 on 18 February 2016. The stock had outperformed the market over the past one month till 28 November 2016, sliding 2.02% compared with the Sensex's 5.7% fall. The scrip had also outperformed the market in past one quarter, advancing 9.82% as against the Sensex's 5.15% fall.

The small-cap company has equity capital of Rs 17.39 crore. Face value per share is Rs 10.

Shares of rallied 20.5% in the preceding five trading sessions to settle at Rs 714.05 yesterday, 28 November 2016, from its close of Rs 592.80 on 21 November 2016. Lion's part of the rally materialized in a single trading session yesterday, 28 November 2016, when the stock settled higher by 15.19%, after the company's board at a meeting held on 28 November 2016, fixed an issue price of Rs 800 per equity share for the proposed issue of 6.11 lakh equity shares of the company on preferential basis, subject to requisite approvals. The issue price is at a premium of 15.04% over ruling market price.

Net profit of declined 71.53% to Rs 2.50 crore on 29% decline in net sales to Rs 119.20 crore in Q2 September 2016 over Q2 September 2015.

Sagar Cements is engaged in manufacturing of cement.

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

First Published: Tue, November 29 2016. 14:43 IST