ACC shares jump over 7 pc, m-cap rises to Rs 30,176 cr

Shares of cement maker ACC Ltd today saw heavy buying and surged over 7 per cent buoyed by improved operations that led to volume growth in the quarter ended March 31.
The stock soared 7.36 per cent to settle at Rs 1,606.95 on BSE. During the day, it jumped 7.91 per cent to Rs 1,615.15.
On NSE, shares of the company zoomed 7.45 per cent to close at Rs 1,607.
The company's market valuation rose by Rs 2,069.47 crore to Rs 30,176.47 crore.
On the volume front, 2 lakh shares of the company were traded on BSE and over 20 lakh shares changed hands on NSE during the day.

"ACC is first among cement majors to report March earnings and has sprung pleasant surprise on volume," Edelweiss Securities said in a report.

ACC Ltd on Friday reported an 8.90 per cent decline in consolidated net profit at Rs 211.06 crore for the first quarter ended March 31, 2017.
The company, which follows the January-December financial year, had posted a net profit of Rs 231.70 crore during the same quarter of previous year, ACC Ltd said in a BSE filing.
Its total income from operations during the period under review stood at Rs 3,663.18 crore, up 9.28 per cent as against Rs 3,323.17 crore in the corresponding quarter of last fiscal.

During the quarter, ACC's cement sales were up 3.77 per cent to 6.60 million tonnes as against 6.36 million tonnes.
"ACC operations improved as cement market recovered post demonetisation with a volume growth of 4 per cent YoY," JM Financial Institutional Securities said in a research report.