Ambuja Cements inches up after strong Q2 earnings

Ambuja Cements rose 0.69% to Rs 219.80 at 9:18 IST on BSE after net profit surged 26.2% to Rs 409 crore on 15.4% growth in net sales to Rs 2706 crore in Q2 June 2014 over Q2 June 2013.

The Q2 result was announced after market hours on Thursday, 24 July 2014.

Meanwhile, the S&P BSE Sensex was down 15.15 points or 0.06% at 26,256.70.

On BSE, so far 6,396 shares were traded in the counter as against average daily volume of 1.05 lakh shares in the past two weeks.

The stock hit a high of Rs 222 and a low of Rs 219.30 so far during the day.

Ambuja Cements' operating earnings before interest, taxation, depreciation and amortization (EBITDA) rose 12.4% to Rs 588 crore in Q2 June 2014 over Q2 June 2013.

Cement sales, by volume, increased by 7.8% to 5.79 million tonnes in Q2 June 2014 over Q2 June 2013.

In its outlook, Ambuja Cements said that although macro-economic condition remains challenging, construction activity is expected to pick up pace considering favorable announcement in the Union Budget for infrastructure and housing. The company continues to work on improving efficiencies and focus on customer and commercial excellence. The company believes that these initiatives will help to preserve and also improve performance, Ambuja Cements said.

Ambuja Cements' board of directors at its meeting held on Thursday, 24 July 2014, approved payment of interim dividend of Rs 1.80 per share for the year ending 31 December 2014.

Ambuja Cements is engaged in manufacturing and marketing cement and clinker for both domestic and exports markets.

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