Birla Corp reverses recent slide on bargain hunting

Birla Corporation rose 3.26% to Rs 901.90 at 14:28 IST on BSE, with the stock reversing its eight-day slide on bargain hunting.

Meanwhile, the S&P BSE Sensex was up 306.46 points or 0.9% at 34,448.61. The S&P BSE Mid-Cap index rose 0.7%, underperforming the Sensex.

On the BSE, 5,835 shares were traded on the counter so far as against average daily volumes of 2,421 shares in the past two weeks. The stock had hit a high of Rs 905 and a low of Rs 870.15 so far during the day. The stock had hit a record high of Rs 1,290 on 8 January 2018 and a 52-week low of Rs 668.10 on 9 March 2017.

Shares of Birla Corporation had slumped 13.09% in the preceding eight trading sessions to settle at Rs 873.40 on Friday, 23 February 2018, from its closing of Rs 1,005 on 12 February 2018, triggered by the company reporting net loss in Q3 December 2017 on 10 February 2018.

Birla Corporation reported a net loss of Rs 24.52 crore on revenue of Rs 894.61 crore in the quarter ended 31 December 2017.

Birla Corporation is primarily engaged in the manufacturing of cement as its core business activity. It has significant presence in the jute goods industry as well.

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