Sagar Cements rallies as HDFC MF hikes stake

Sagar Cements surged 10.63% to Rs 1,009.80 at 14:30 IST on BSE, with the stock extending recent rally triggered by the HDFC Mutual Fund purchasing additional 2.55% stake in the company.

Meanwhile, the S&P BSE Sensex was up 16.78 points or 0.05% at 33,829.04. The S&P BSE Small-Cap index advanced 0.82%, outperforming the Sensex.

On the BSE, 28,000 shares were traded on the counter so far as against average daily volumes of 7,143 shares in the past one quarter. The stock had hit a high of Rs 1,048 so far during the day, which is a record high. The stock hit a low of Rs 950 so far during the day. The stock had hit a 52-week low of Rs 624.30 on 2 January 2017.

The stock had outperformed the market over the past one month till 2 January 2018, gaining 6.47% compared with the Sensex's 2.98% rise. The stock had also outperformed the market over the past one quarter, advancing 9.88% as against the Sensex's 8.08% rise. The scrip had also outperformed the market over the past one year, surging 43.4% as against the Sensex's 27.14% rise.

The small-cap company has equity capital of Rs 20.40 crore. Face value per share is Rs 10.

HDFC Mutual Fund had purchased 5.20 lakh shares of Sagar Cements via open market transactions on 29 December 2017. HDFC Mutual Fund's total holding in Sagar Cements increased to 7.67% from 5.12%.

Shares of Sagar Cements have rallied 21.21% in six trading sessions to its ruling price, from its closing of Rs 833.05 on 26 December 2017.

On a consolidated basis, Sagar Cements' net profit galloped 21250% to Rs 8.54 crore on 23% growth in net sales to Rs 235.05 crore in Q2 September 2017 over Q2 September 2016.

Sagar Cements is engaged in the manufacturing of cement.

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