JK Lakshmi Cement drops after reverse turnaround in Q2

JK Lakshmi Cement lost 3.04% to Rs 355.90 at 9:57 IST on BSE after the company reported net loss of Rs 14.95 crore in Q2 September 2015 compared with net profit of Rs 30.61 crore in Q2 September 2014.

The result was announced after market hours yesterday, 4 November 2015.

Meanwhile, the S&P BSE Sensex was down 104.22 points or 0.39% at 26,448.70.

On BSE, so far 6,766 shares were traded in the counter as against average daily volume of 5,634 shares in the past two weeks.

The stock hit a high of Rs 363.75 and a low of Rs 354.10 so far during the day. The stock had hit a 52-week low of Rs 301.95 on 12 June 2015. The stock had hit a record high of Rs 430 on 21 January 2015.

JK Lakshmi Cement's total income rose 13.57% to Rs 651.68 crore in Q2 September 2015 over Q2 September 2014.

JK Lakshmi Cement said that the profitability in Q2 September 2015 was adversely affected mainly due to additional burden of interest and depreciation on account of commissioning of first phase of the company's Greenfield cement plant at Durg in March 2015.

JK Lakshmi Cement said that the work on the company's two grinding units projects in Gujarat and Odisha are progressing satisfactorily.

JK Lakshmi Cement manufactures cement, which it sells under the brand name JK Lakshmi.

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