Guj Ambuja gains on impressive Q3 results

DALAL STREET SPIKES

Gujarat Ambuja closed at an all-time high of Rs 330.05 at the BSE on the back of renewed buying after the company announced an impressive third quarter results.

According to sector analysts, the cement sector is poised for an upswing because of the increased demand sustained by hike in prices. Gujarat Ambuja stock gained per cent in today's trading backed by huge volumes of 13.15 lakh shares on the Bombay Stock Exchange.

The stock, in anticipation of strong results, has now risen by 9.6 per cent from Rs 306.30 on April 12, 2004 to today's close of Rs 330.05. For the quarter ended March 31, 2004, the company doubled its net profit to Rs 145 crore compared with Rs 70.57 crore recorded during the same quarter last year.

The company has recommended an interim dividend on equity shares at the rate of 50 per cent.