Shree Cement inches up after Q4 results

Shree Cement rose 0.26% to Rs 7,959.60 at 11:21 IST on BSE after net profit fell 2.56% to Rs 277.02 crore on 11.45% increase in total income to Rs 1708.17 crore in Q4 June 2014 over Q4 June 2013.

The result was announced after market hours on Monday, 25 August 2014.

Meanwhile, the BSE Sensex was down 27.18 points, or 0.10%, to 26,409.84.

On BSE, so far 477 shares were traded in the counter, compared with an average volume of 1,634 shares in the past one quarter.

The stock hit a high of Rs 8,084.30 and a low of Rs 7,924.45 so far during the day. The stock hit a 52-week high of Rs 8,160 on 22 August 2014. The stock 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 25 August 2014, rising 11.54% compared with 1.19% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 21.87% as against Sensex's 7.06% rise.

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

Shree Cement's net profit fell 21.59% to Rs 787.24 crore on 5.08% increase in total income to Rs 6072.25 crore in the year ended June 2014 over the year ended June 2013.

Meanwhile, Shree Cement announced after market hours on Monday, 25 August 2014, that its board approved acquiring 1.50 MTPA cement grinding unit of Jaiprakash Associates situated at Panipat in Haryana on going concern basis for consideration of approx Rs 360 crore subject to adjustment for any financial indebtedness and net working capital taken over as of the closing date, subject to satisfactory completion of due diligence and obtaining necessary approvals and consents.

Shree Cement's cement plants are located at Beawar, Ras, Khushkhera, Jobner (Jaipur) and Suratgarh in Rajasthan, Laksar (Roorkee) in Uttarakhand and Aurangabad in Bihar.

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