ACC rose 0.93% at Rs 1,498 at 14:54 IST on BSE after consolidated net profit surged 61.98% to Rs 192.60 crore on 9.43% growth in sales turnover to Rs 2741.87 crore in Q3 September 2014 over Q3 September 2013.
The Q3 result was announced during market hours today, 30 October 2014.
Meanwhile, the S&P BSE Sensex was up 164.31 points or 0.61% at 27,262.48.
On BSE, so far 42,000 shares were traded in the counter as against average daily volume of 22,901 shares in the past one quarter.
The stock was volatile. The stock rose as much as 1.66% at the day's high of Rs 1,509 so far during the day. The stock lost as much as 0.69% at the day's low of Rs 1,474 so far during the day. The stock had hit a record high of Rs 1,570 on 10 September 2014. The stock had hit a 52-week low of Rs 971.25 on 30 January 2014.
The stock had outperformed the market over the past one month till 29 October 2014, surging 3.08% compared Sensex's 1.88% rise. The scrip had also outperformed the market in past one quarter, jumping 6.02% as against Sensex's 4.26% rise.
The large-cap company has equity capital of Rs 187.75 crore. Face value per share is Rs 10.
ACC's operating EBITDA surged 32.28% to Rs 379.08 crore in Q3 September 2014 over Q3 September 2013.
ACC said that profitability during the quarter showed an improvement as a result of its customer excellence programme and better cost management, particularly with regard to distribution costs & optimized sourcing of inputs and improved realizations.
ACC Mineral Resources (AMRL), a wholly owned subsidiary of the company, had participated in four joint ventures (JV) with the Madhya Pradesh State Mining Corporation (MPSMCL) for development and mining of four coal blocks allocated to MPSMCL. The company had applied for the development and mining operations through a competitive bidding process, consequent to which the JVs were effected, in which AMRL and MPSMCL hold 49% and 51% shares respectively. The Supreme Court, vide its decision of 24 September 2014, held that allocation of various coal blocks, including those allocated to MPSMCL, is arbitrary and illegal, and hence liable to be cancelled. Subsequently, the Government promulgated The Coal Mines (Special Provisions) Ordinance, 2014, which intends to take appropriate action to deal with the situation arising pursuant to Supreme Court's decision. The management, based on its contractual rights under its JV agreements, its interpretation of the Ordinance and on the basis of legal advice, believes that the financial loss or operational impact, if any, will not be significant, ACC said in a statement.
With prospects of the economy gradually picking up, the infrastructure, housing and construction sectors are expected to register growth in the near term which will have a positive impact on demand for cement, ACC said.
ACC is a manufacturer of cement and ready mixed concrete with a countrywide network of factories and sales offices.
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