ACC shares give up early gains; close 1.5 pc lower

Shares of cement maker ACC gave up early gains and fell 1.5 per cent Friday after the company reported a 38.61 per cent rise in consolidated net profit for the quarter ended June 30, 2019.

The scrip witnessed selling during the fag end of trade and closed at Rs 1,543.55, down 1.51 per cent, on the BSE. Intra-day, it rose 5.11 per cent to Rs 1,647.30.

On the NSE, shares declined 1.09 per cent to close at Rs 1,550.

In terms of volume, 2.30 lakh shares were traded on the BSE, while over 63 lakh shares were traded on the NSE during the day.

ACC Thursday reported a 38.61 per cent rise in consolidated net profit at Rs 455.68 crore for the quarter ended June 30, 2019, helped by improvement in operating performance and sales.

The company, which follows January-December financial year, had posted a profit of Rs 328.74 crore in April-June quarter a year ago, it said in a BSE filing.

Total revenue from operations also rose 7.83 per cent to Rs 4,149.82 crore during the quarter under review as against Rs 3,848.25 crore in the year-ago period.