Shree Cement gains after commissioning project

Shree Cement gained 2.43% to Rs 12,361.25 at 13:25 IST on BSE after the company said that it has commissioned autoclaved aerated concrete blocks project yesterday, 29 March 2016.

The announcement was made during market hours today, 30 March 2016.

Meanwhile, the BSE Sensex was up 283.59 points, or 1.14%, to 25,182.01.

On BSE, so far 116 shares were traded in the counter, compared with an average volume of 448 shares in the past one quarter. The stock hit high of Rs 12,625 and low of Rs 12,361.25 so far during the day. The stock hit a record high of Rs 13,344.90 on 23 October 2015. The stock hit a 52-week low of Rs 9,350 on 15 January 2016. The stock had outperformed the market over the past one month till 29 March 2016, rising 19.75% compared with 8.25% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 8.14% as against Sensex's 4.52% fall.

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

Shree Cement said that the project has a capacity of 3 lakh cubic meter per annum and is situated at Sikandrabad, Bulandshahr in Uttar Pradesh. Autoclaved aerated concrete (AAC) is a building material and is a new product launched by the company for the domestic market.

Shree Cement's net profit rose 9.8% to Rs 102.86 crore on 18.5% increase in net sales to Rs 1826.83 crore in Q2 December 2015 over Q2 December 2014.

Shree Cement is focused on its core business of cement and power. Currently its manufacturing operations are spread over North and Eastern India across five states.

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