Mangalam Cement cracks after weak Q3 result

Mangalam Cement lost 3.28% to Rs 369.80 at 14:25 IST on BSE after net profit dropped 53.85% to Rs 2.70 crore on 28.22% rise in total income to Rs 303.16 crore in Q3 December 2017 over Q3 December 2016.

The results were announced after market hours on Monday, 12 February 2018. Domestic stock markets had remained closed yesterday, 13 February 2018, on account of Mahashivratri.

Meanwhile, the BSE Sensex was up 73.09 points, or 0.21% to 34,373.56. The S&P BSE Small-Cap index was up 149.91 points or 0.81% at 18,613.29.

On BSE, 3,921 shares were traded in the counter as against average daily volume of 10,742 shares in the past one quarter. The stock hit a high of Rs 377.50 and a low of Rs 366 so far during the day. The stock had hit a record high of Rs 479.55 on 16 January 2018. The stock had hit a 52-week low of Rs 276.25 on 10 February 2017.

The stock had underperformed the market over the past 30 days till 12 February 2018, falling 5.8% compared with 0.84% fall in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 7.48% as against Sensex's 4.12% rise. The scrip also outperformed the market in past one year, advancing 29.19% as against Sensex's 20.98% rise.

The small-cap company has an equity capital of Rs 26.69 crore. Face value per share is Rs 10.

Mangalam Cement's board approved the issuance of Non-Convertible Debentures on private placement basis for an amount upto Rs 250 crore in one or more tranches. Further, the board also approved for setting up of a 11 megawatt waste heat recovery (WHR) plant at existing factory at Morak, Rajasthan.

Mangalam Cement is engaged in manufacturing and distributing portland cement and clinker in India.

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