HIL extends gains post Q3 result

The stock rallied 8% to Rs 688, extending its Monday's 2% gain on the BSE

HIL rallied 8% to Rs 688, extending its Monday’s 2% gain on the BSE, after the company reported a net profit of Rs 8.06 crore for the quarter ended December 31, 2016 (Q3FY17), mainly on account of higher other income. The company engaged in cement & cement products business had a net loss of Rs 3.89 crore in the same quarter last fiscal.

Net sales of the company decreased 7.4% to Rs 199 crore in Q3FY17 against Rs 215 crore in Q3FY16. Other income jumped nearly eight-fold to Rs 12 crore from Rs 1.6 crore during the quarter under review.

The board had declared an interim dividend @ Rs 10 per share (100%) on the equity shares of Rs 10 each, for the financial year 2016-17. The company has fixed January 27, 2017 as the record date for the purpose of payment of interim dividend.

CK Birla Group Company announced that it has commenced the commercial production at its newly established dry mix manufacturing facility at Jhajjar, Haryana with an installed capacity of 72,000 MT (i.e 44,000 MT of wall putty and 28,000 MT of cement based grey mortar) per annum.

The above products will be marketed under its brand name "Aerocon", which is one of the most trusted name for building products in the Country. The company's Jhajjar dry mix plant shall cater to the growing market in Haryana and other states of the Country, it added.

At 12:30 pm; the stock was up 5% at Rs 669 on the BSE as compared to 0.25% decline in the S&P BSE Sensex. A combined 158,255 shares changed hands on the counter on the BSE and NSE so far.