Prism Cement gains as HDFC Mutual Fund hikes stake

Prism Cement rose 0.61% to Rs 82.50 at 10:32 IST on BSE after two schemes of HDFC Mutual Fund hiked their stake in the company by 2.037% to 7.35%.

The announcement was made after market hours yesterday, 21 December 2016.

Meanwhile, the S&P BSE Sensex was down 172.51 points, or 0.66%, to 26,069.87

On the BSE, 5,296 shares were traded on the counter so far as against the average daily volumes of 1.61 lakh shares in the past one quarter. The stock had hit a high of Rs 83.50 and a low of Rs 82.45 so far during the day.

The stock hit a 52-week high of Rs 118.45 on 23 August 2016. The stock hit a 52-week low of Rs 55.55 on 12 February 2016. The stock had underperformed the market over the past 30 days till 21 December 2016, sliding 7.34% compared with the 1.08% rise in the Sensex. The scrip also underperformed the market in past one quarter, falling 23.26% as against Sensex's 8.8% decline.

 

The mid-cap company has an equity capital of Rs 503.36 crore. Face value per share is Rs 10.

HDFC Mutual Fund under its two schemes - HDFC Equity Fund and HDFC Prudence Fund bought 1.02 crore shares, or 2.037% stake, in Prism Cement through open market transactions on Tuesday, 20 December 2016. Following the stake buy, HDFC Mutual Fund's holding in Prism Cement rose to 7.35% from 5.31%.

Prism Cement reported net loss of Rs 21.27 crore in Q2 September 2016, lower than net loss of Rs 37.38 crore in Q2 September 2015. Total income fell 10.58% to Rs 1192.91 crore in Q2 September 2016 over Q2 September 2015.

Prism Cement is an integrated building materials company, with a wide range of products from cement, ready-mixed concrete, tiles, bath products to kitchens. The company has three divisions, viz. Prism Cement, H & R Johnson (India) and RMC Readymix (India).

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