Shree Cement drops on profit booking

Shree Cement lost 2.55% to Rs 5,130 at 12:36 IST on BSE, with the stock sliding on profit booking after recent steep rally.

Meanwhile, the S&P BSE Sensex was up 75.55 points or 0.35% at 21,931.77.

On BSE, so far 732 shares were traded in the counter as against average daily volume of 2,970 shares in the past one quarter.

The stock hit a high of Rs 5263.90 and a low of Rs 5099.70 so far during the day. The stock had hit a record high of Rs 5,270 on Wednesday, 12 March 2014. The stock had hit a 52-week low of Rs 3,412.65 on 28 August 2013.

The stock had outperformed the market over the past one month till 12 March 2014, surging 22.4% compared with the Sensex's 6.88% rise. The scrip had also outperformed the market in past one quarter, jumping 22.42% as against Sensex's 4.45% rise.

The large-cap company has equity capital of Rs 34.84 crore. Face value per share is Rs 10.

Shares of Shree Cement had rallied 12.5% in eight trading sessions to settle at Rs 5,264.10 on Wednesday, 12 March 2014, from a recent low of Rs 4,678.80 on 28 February 2014.

Shree Cement's net profit fell 46.9% to Rs 115.49 crore on 6% decline in net sales to Rs 1316.98 crore in Q2 December 2013 over Q2 December 2012.

Shree Cement is present in the cement and power sector. The company's cement plants are located at Beawar, Ras, Khushkhera, Jobner (Jaipur) and Suratgarh in Rajasthan and Laksar (Roorkee) in Uttarakhand.

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