ACC gains over 4% on strong sales in March-quarter

Cement Major ACC rose over 4% in early morning trade after the company's consolidated net sales grew about 7.8% to Rs 3,108 crore compared to Rs 2,884 crore last year. It reported a decline of 9.05% in its consolidated net profit for the March-quarter. The company's consolidated net profit decreased to Rs 211 crore from Rs 232 crore reported during the first quarter of last year.

 
“Cement volumes during the first quarter showed growth of 4% (year-on-year) as the impact of demonetisation declined and benefits were delivered from ongoing customer excellence initiatives and higher sales from the expanded capacity at the Jamul and Sindri plants," the company said.
 
During the quarter, ACC sold 6.6 million tonnes of cement, a rise of 3.8 per cent against 6.36 million tonnes last year in the same quarter.
 
“There was a shortfall in regular availability of fly ash, a part of which was procured over longer leads entailing higher transportation costs,” ACC added.
 
On the BSE, 28,491 shares were traded in the counter so far, compared with average daily volumes of 23,330 shares in the past one quarter. The stock had hit a high of Rs 1,556.95 and a low of Rs 1,511 so far during the day.
 
The stock had hit a 52-week high of Rs 1,738 on 8 August 2016. The stock had hit a 52-week low of Rs 1,257 on 22 November 2016.
 
The large-cap cement major has equity capital of Rs 187.79 crore. Face value per share is Rs 10.
 
At 10:18 am the stock was trading 3.99% higher at Rs 1,556.5. The scrip has reached a high and low of Rs 1,567.25 and Rs 1,511 during the day.