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JK Cement adds 13% in eight sessions

Capital Market 

JK Cement rose 3.24% to Rs 1,707.25, extending gains for the eighth day.

Shares of JK Cement jumped 13.15% in eight trading sessions from its recent closing low of Rs 1,508.80 on 30 September 2020.

Shares of cement companies were in demand after a foreign brokerage reportedly indicated an improving demand outlook. According to reports, the brokerage said that the improving demand may pave the way for an increase in cement prices which had corrected between 2-5% in the second quarter.

Cement stocks also rallied after finance minister Nirmala Sitharaman on Monday announced an additional budget of Rs 25,000 crore (in addition to Rs 4.13 lakh crore given in Budget 2020-21) to be provided for capital expenditure on roads, defence, water supply, urban development and domestically produced capital equipment.

JK Cement's consolidated net profit tanked 62.2% to Rs 49.95 crore on a 27.9% drop in net sales to Rs 1,004.85 crore in Q1 June 2020 over Q1 June 2019.

JK Cement is engaged in manufacturing cement and cement products. The scrip has soared 113.40% from its 52-week low of Rs 800 hit on 23 March 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, October 13 2020. 15:22 IST