Prism Cement spurts as JV completes expansion at Morbi plant

Prism Cement surged 4.71% to Rs 117.85 at 13:40 IST on BSE after the company announced that its joint venture firm has successfully completed the expansion of tiles capacity at its Matel plant, Morbi.

The announcement was made after market hours yesterday, 19 March 2018.

Meanwhile, the S&P BSE Sensex was up 92.26 points, or 0.28% to 33,015.38. The S&P BSE Mid-Cap index was up 20.64 points, or 0.13%, to 15,983.63.

On the BSE, 24.63 lakh shares were traded in the counter so far compared with average daily volumes of 1.68 lakh shares in the past two weeks. The stock had hit a high of Rs 133.30 and a low of Rs 109.70 so far during the day. The stock hit a record high of Rs 158.95 on 16 January 2018. The stock hit a 52-week low of Rs 95.30 on 30 March 2017.

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

Prism Cement announced that Spectrum Johnson Tiles (Spectrum), a joint venture of the company, has successfully completed the expansion of 3 million m2 (MSM) per annum large format glazed vitrified tiles (GVT) capacity at its Matel plant, Morbi. The plant has capability to produce large format GVT i.e. 120cm*120cm, 120cm*180cm and 120cm*240cm amongst others. The commercial production has commenced from 14 March 2018.

The overall capacity of H & R Johnson (India), a division of Prism Cement, along-with its joint ventures and subsidiaries would stand at over 68 MSM per annum.

Prism Cement reported net profit of Rs 14.85 crore in Q3 December 2017 compared with net loss of Rs 47.02 crore in Q3 December 2016. Total income rose 13.83% to Rs 1317.92 crore in Q3 December 2017 over Q3 December 2016.

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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