JK Cement spurts to 52-week high after strong Q4 earnings

JK Cement surged 16.97% to Rs 293.65 at 13:08 IST on BSE after net profit surged 35.93% to Rs 76.38 crore on 7.92% growth in total income from operations to Rs 832.71 crore in Q4 March 2014 over Q4 March 2013.

The Q4 result was announced during trading hours today, 19 May 2014.

Meanwhile, the S&P BSE Sensex was up 204.42 points or 0.85% at 24,326.16.

On BSE, so far 20,000 shares were traded in the counter as against average daily volume of 13,000 shares in the past two weeks.

The stock hit a high of Rs 295.95 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 268 so far during the day.

JK Cement's net profit fell 58.45% to Rs 97.02 crore on 3.98% decline in total income from operations to Rs 2795.84 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).

On consolidated basis, JK Cement's net profit fell 66.56% to Rs 77.15 crore on 3.98% decline in total income from operations to Rs 2795.84 crore in FY 2014 over FY 2013.

The Competition Commission of India (CCI) had upheld the complaint of Builders Association of India, alleging cartelisation by some cement manufacturing companies including JK Cement and imposed a penalty of Rs 128.54 crore on the company. JK Cement had filed an appeal against the order before Competition Appellate Tribunal (COMPAT). COMPAT has stayed the penalty imposed by CCI in an interim order upon deposit of 10% of penalty amount till the final disposal of appeal. JK Cement has deposited Rs 12.85 crore in the form of fixed deposit favouring COMPAT. Based on expert legal advice company believes that it has fair chances before COMPAT and accordingly no provision has been made in accounts, JK Cement said.

JK Cement's board of directors at its meeting held on Saturday, 17 May 2014, recommended dividend of Rs 3 per share for FY 2014.

JK Cement is engaged in manufacturing and selling cement.

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