Shree Cement has rallied 5% at Rs 3,413 on reporting over six-fold jump in net profit at Rs 352 crore for the fourth quarter ended June 30, 2012 on back of higher realization. The company had a net profit of Rs 55 crore in previous year quarter. Net sales grew 43% at Rs 1,455 crore on year-on-year basis.
“The Competition Commission of India (CCI) has imposed the penalty of Rs 398 crore on the company. The company is contesting the same and accordingly, no provision has been made as on June 30, 2012,” Shree Cement said in a filing.
Meanwhile, the board had recommended final dividend @ Rs 8 per share or 80% for the fifteen months period ended June 30, 2012.
The stock opened at Rs 3,259 and hit a record high of Rs 3,430 on the BSE. A combined 61,478 shares have changed hands on the counter so far on both the exchanges.
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