Dalmia Bharat rose 3.49% to Rs 479 at 14:00 IST on BSE after the company said that Dalmia Group will consolidate cement operations.
The company made announcement during market hours today, 25 February 2015.
Meanwhile, the S&P BSE Sensex was up 183.86 points or 0.67% at 29,199.66.
On BSE, so far 18,894 shares were traded in the counter as against average daily volume of 25,487 shares in the past two weeks.
The stock hit a high of Rs 500 and low of Rs 460.70 so far during the day. The stock had hit a record high of Rs 567 on 18 November 2014. The stock had hit a 52-week low of Rs 167.45 on 3 March 2014.
The stock had underperformed the market over the past one month till 24 February 2015, falling 1.93% compared with 0.94% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 8.43% as against Sensex's 1.77% rise.
The mid-cap has equity capital of Rs 16.24 crore. Face value per share is Rs 2.
Dalmia Bharat said that as a part of the consolidation and growth of the cement sector, the Dalmia Bharat Group has been strategically acquiring assets and creating new assets in Southern, Eastern and North-Eastern India. As a part of this initiative, Dalmia Cement (Bharat) (DCBL), is also consolidating its shareholding in OCL India, one of the largest cement entities in Eastern India with plants in Orissa and West Bengal.
DCBL has increased its stake in OCL India from 48% to 74.6% through inter-se promoter transfer. Overall promoter shareholding in Dalmia Bharat and DCBL remains unchanged. With this consolidation, the Group's regional capacity mix stands at 48% in South and 52% in East and Northern East. OCL India is a leading player in the Eastern region and has shown strong performance in the last two years. The move would help in creating better operational synergies across the Group's footprint. It is a step forward in the commitment towards aligning all stakeholders' interests and overall value creation.
Dalmia Cement has ongoing Greenfield projects which along with acquired capacities will take the Group capacity to around 24 million tonnes in financial year ending 31 March 2016.
Dalmia Bharat reported consolidated net profit of Rs 0.10 crore in Q3 December 2014 compared with consolidated net loss of Rs 12.39 crore in Q3 December 2013. Total income rose 15.7% to Rs 833.93 crore in Q3 December 2014 over Q3 December 2013.
Dalmia Bharat is a conglomerate having its presence in cement, sugar, refractories & power manufacturing industries.
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