 "Prism Cement soars on completion of capacity expansion of JV")
Prism Cement has surged 6 per cent to Rs 124 on BSE in intra-day trade after the company announced that its step-down joint venture (JV), Sanskar Ceramic, has completed the expansion of 4.2 million m2 (MSM) per annum vitrified tiles capacity at its Dhuva plant, Morbi.
The commercial production has commenced from 21 June 2017.
“With this expansion, the company would be able to reduce outsourcing of vitrified tiles from third party sources and become more self-reliant,” Prism Cement said in a regulatory filing.
The capacity of Sanskar now stands at 2.3 MSM of wall tiles and 4.2 MSM of Vitrified Tiles. The overall capacity of H & R Johnson (India), a division of Prism Cement, along-with its JVs and subsidiaries would stand at over 65 MSM per annum, it added.
Prism Cement had reported more than doubled standalone net profit at Rs 18 crore for the financial year 2016-17 (FY17) against Rs 8 crore in FY16. However, on consolidated basis, the company’s profit declined 44% to Rs 14 crore in FY17 from Rs 25 crore in previous year.
At 10:55 am; the stock was up 5% to Rs 123, as compared to 0.56% rise in the S&P BSE Sensex. A combined 591,227 shares changed hands on the counter on BSE and NSE so far.
The stock is trading close to its 52-week high of Rs 129. It touched a record high of Rs 134 on April 8, 2015.
The commercial production has commenced from 21 June 2017.
“With this expansion, the company would be able to reduce outsourcing of vitrified tiles from third party sources and become more self-reliant,” Prism Cement said in a regulatory filing.
The capacity of Sanskar now stands at 2.3 MSM of wall tiles and 4.2 MSM of Vitrified Tiles. The overall capacity of H & R Johnson (India), a division of Prism Cement, along-with its JVs and subsidiaries would stand at over 65 MSM per annum, it added.
Prism Cement had reported more than doubled standalone net profit at Rs 18 crore for the financial year 2016-17 (FY17) against Rs 8 crore in FY16. However, on consolidated basis, the company’s profit declined 44% to Rs 14 crore in FY17 from Rs 25 crore in previous year.
At 10:55 am; the stock was up 5% to Rs 123, as compared to 0.56% rise in the S&P BSE Sensex. A combined 591,227 shares changed hands on the counter on BSE and NSE so far.
The stock is trading close to its 52-week high of Rs 129. It touched a record high of Rs 134 on April 8, 2015.
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