ACC hits record high after posting strong Q2 results

ACC gained 2.16% to Rs 1,789 at 9:30 IST on BSE after consolidated net profit rose 32.6% to Rs 326 crore on 17.8% rise in sales turnover to Rs 3329 crore in Q2 June 2017 over Q2 June 2016.

The result was announced after market hours yesterday, 17 July 2017.

Meanwhile, the S&P BSE Sensex was down 236.58 points, or 0.74% to 31,838.20.

On the BSE, 7,532 shares were traded in the counter so far, compared with average daily volumes of 36,365 shares in the past one quarter. The stock had hit a high of Rs 1,798.85, which is also a record high for the stock. The stock hit a low of Rs 1,765 so far during the day.

ACC said that cement sales volume rose 10.1% to 6.74 million tonnes in Q2 June 2017 over Q2 June 2016. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) rose 38% to Rs 637 crore in Q2 June 2017 over Q2 June 2016. Operating EBITDA margin improved to 19% in Q2 June 2017 from 16% in Q2 June 2016.

ACC approved payment of an interim dividend of Rs 11 per share for the year ending 31 December 2017 (FY 2017).

In its outlook, company said that it expects upward trajectory in cement demand supported by the prospects of a normal monsoon. Growing momentum in the launching of smart cities and urban infrastructure development & housing projects, together with the implementation of GST will also bring growth opportunities for the sector.

ACC is a manufacturer of cement and concrete and is a member of LafargeHolcim group. The company has a countrywide network of modern cement and concrete plants, sales offices, dealers and retailers.

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