HeidelbergCement gallops after blockbuster Q1 earnings

HeidelbergCement India jumped 12.85% to Rs 47 on BSE after net profit surged 2075% to Rs 47.85 crore on 8.96% rise in net sales to Rs 402.99 crore in Q1 March 2014 over Q1 March 2013.

The result was announced during market hours today, 2 May 2014.

Meanwhile, the S&P BSE Sensex was provisionally down 25.53 points or 0.11% at 22,392.27

On BSE, 12.09 lakh shares were traded in the counter as against average daily volume of 46,478 shares in the past one quarter.

The stock hit a high of Rs 48.80 and a low of Rs 40.90. The stock had hit a 52-week high of Rs 50.90 on 5 June 2013. The stock had hit a 52-week low of Rs 27.85 on 20 August 2013.

The stock had underperformed the market over the past one month till 30 April 2014, falling 2.34% compared with the Sensex's 0.35% rise. The scrip had, however, outperformed the market in past one quarter, rising 25.64% as against Sensex's 9.36% rise.

The small-cap company has equity capital of Rs 226.62 crore. Face value per share is Rs 10.

HeidelbergCement India's net profit was boosted by an exceptional item of Rs 60.31 crore in Q1 March 2014. On 3 January 2014, the company said that it has completed the sale and transfer of its cement grinding facility at Raigad, Maharashtra to JSW Steel as a going concern on slump sale basis. The net gain arising out from the sale of discounted operations has been disclosed as an exceptional item, HeidelbergCement India said.

HeidelbergCement India said that pursuant to sale of Raigad Plant with effect from 3 January 2014, Q1 March 2014 result is not comparable with Q1 March 2013.

HeidelbergCement India is a subsidiary of Cementrum I. B.V.( a Company incorporated under the laws of The Netherlands, which is 100% controlled by HeidelbergCement AG).

Powered by Capital Market - Live News