Prism Cement gains as foreign subsidiary declares dividend

Prism Cement rose 2.61% to Rs 29.50 at 10:31 IST on BSE after the company's wholly-owned foreign subsidiary declared dividend on equity shares.

The company made this announcement during trading hours today, 24 September 2013.

Meanwhile, the BSE Sensex was up 93.77 points or 0.47% at 19,994.73

On BSE, 12,637 shares were traded in the counter as against average daily volume of 27,591 shares in the past one quarter.

The stock hit a high of Rs 30.20 and a low of Rs 29.15 so far during the day. The stock had hit a 52-week low of Rs 22.85 on 7 August 2013. The stock had hit a 52-week high of Rs 60 on 7 November 2012.

The stock had outperformed the market over the past one month till 23 September 2013, rising 18.8% compared with the Sensex's 7.46% rise. The scrip had, however, underperformed the market in past one quarter, sliding 14.56% as against Sensex's 6% rise.

The small-cap company has equity capital of Rs 503.36 crore. Face value per share is Rs 10.

Prism Cement said that the company's wholly-owned foreign subsidiary, Lifestyle Investments (LIPL), has declared a dividend on equity shares. Prism Cement shall receive an amount of GBP 12.5 million as dividend on the equity shares held in LIPL, the company said.

Prism Cement reported net loss of Rs 47.87 crore in Q1 June 2013 as compared to net profit of Rs 10.99 crore in Q1 June 2012. Total income fell 0.2% to Rs 1135.71 crore in Q1 June 2013 over Q1 June 2012.

Prism Cement is one of India's leading integrated building materials company, with a wide range of products from cement, ready-mixed concrete, tiles, bath products to kitchens.

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