Deccan Cements gains after mutual fund buys stake

Deccan Cements rose 1.60% to Rs 393 at 11:55 IST on BSE after UTI Mutual Fund acquired 1.86% equity of the company through bulk deal on NSE on Monday, 8 September 2014.

Meanwhile, the BSE Sensex was down 113.25 points, or 0.41%, to 27,206.60.

On BSE, so far 4,823 shares were traded in the counter, compared with an average volume of 2,232 shares in the past one quarter.

The stock hit a high of Rs 400 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 389 so far during the day. The stock hit a 52-week low of Rs 142 on 6 February 2014.

The stock had outperformed the market over the past one month till 8 September 2014, rising 38.34% compared with 7.86% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 65.41% as against Sensex's 7.57% rise.

The small-cap company has an equity capital of Rs 7 crore. Face value per share is Rs 10.

On Monday, 8 September 2014, UTI Mutual Fund A/C UT160 (UTI-Mid Cap Fund) bought 1.30 lakh shares, or 1.86% equity, in Deccan Cements at Rs 389.96 per share via bulk deal on NSE.

UTI Mutual Fund acquired shares from Minal Patel, who sold 91,000 shares, or 1.29% equity, in Deccan Cements at Rs 390 per share via bulk deal on NSE.

Deccan Cements reported net loss of Rs 4.67 crore in Q1 June 2014 as against net loss of Rs 3.05 crore in Q1 June 2013. Net sales declined 21.30% to Rs 78.96 crore in Q1 June 2014 over Q1 June 2013.

Deccan Cements (DCL), with a 2.3 million tones per annum plant, is a major producer of cement in South India, having been in the business of manufacturing and marketing of cement for over three decades.

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