ACC advances after resuming limestone mining operations

ACC rose 1.09% to Rs 1,402 at 13:54 IST on BSE after the company said it has resumed its limestone mining operations at Bargarh cement works.

The announcement was made during market hours today, 17 June 2015.

Meanwhile, the S&P BSE Sensex was up 197.18 points or 0.74% at 26,883.69.

On BSE, so far 12,000 shares were traded in the counter as against average daily volume of 25,743 shares in the past one quarter.

The stock was volatile. The stock rose as much as 1.37% at the day's high of Rs 1,406 so far during the day. The stock fell as much as 0.42% at the day's low of Rs 1,381.05 so far during the day. The stock had hit a 52-week low of Rs 1,337.90 on 7 January 2015. The stock had hit a record high of Rs 1,774.80 on 2 March 2015.

The stock had underperformed the market over the past one month till 16 June 2015, sliding 5.83% compared with the Sensex's 2.33% fall. The scrip had also underperformed the market in past one quarter, declining 12.64% as against Sensex's 6.16% fall.

The large-cap company has equity capital of Rs 187.75 crore. Face value per share is Rs 10.

It may be recalled that ACC had on 10 October 2014, informed about the suspension of limestone mining operations at the company's Bargarh cement works. The impact of the closure was not material since cement grinding continued with transfer of clinker from sister works/purchase of clinker, ACC said.

On consolidated basis, ACC's net profit fell 40.8% to Rs 236.54 crore on 2.8% decline in net sales to Rs 2885.44 crore in Q1 March 2015 over Q1 March 2014.

ACC is a manufacturer of cement and ready mixed concrete with a countrywide network of factories and sales offices.

Powered by Capital Market - Live News