Ambuja Cements drops in volatile trade after securing coal linkages

Ambuja Cements was down 0.28% at Rs 263.20 at 12:03 IST on BSE after the company secured coal linkages for captive power plants in an auction.

The announcement was made after market hours yesterday, 2 August 2016.

Meanwhile, the S&P BSE Sensex was down 222.53 points, or 0.80%, to 27,759.18.

On BSE, so far 88,000 shares were traded in the counter, compared with an average daily volume of 2.34 lakh shares in the past one quarter. Trading was volatile on the counter. The stock rose 1.12% at the day's high of Rs 266.90 in intraday trade so far. The stock fell 0.44% at the day's low of Rs 262.80 in intraday trade so far. The stock hit a 52-week high of Rs 278.35 on 27 July 2016. The stock hit a 52-week low of Rs 185 on 29 February 2016. The stock had outperformed the market over the past one month till 2 August 2016, rising 4.37% compared with 3.08% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 18.07% as against Sensex's 10% rise.

The large-cap company has an equity capital of Rs 310.38 crore. Face value per share is Rs 2.

Ambuja Cements has secured coal linkage of 20,400 tonnes at Rs 1,810 per tonne from Western Coalfields (Niljai colliery), 16,500 tonnes at Rs 1,095 per tonne from South Eastern Coalfields (Kusmunda siding) and 82,300 tonnes at Rs 1,070 per tonne from South Eastern Coalfields (Gevra siding).

Ambuja Cements had late last month announced securing a linkage of 96,000 tonnes of coal at Rs 1,050 per tonne from Junadih siding of South Eastern Coalfields.

Ambuja Cements' net profit surged 76.5% to Rs 399.51 crore on 1.9% growth in net sales to Rs 2541.16 crore in Q2 June 2016 over Q2 June 2015.

Ambuja Cements is engaged in manufacturing and marketing cement and clinker for both domestic and exports. The company sells cement under the Ambuja Cement brand.

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