The cement maker reported standalone net profit at Rs 62 crore against Rs 5.4 crore loss (YoY). The company’s standalone revenue went down 2.6 percent at Rs 1,160 crore against Rs 1,191.1 crore (YoY).
ACC | Company announced the commissioning of new cement production facility at the company’s existing Sindri Grinding Unit in Jharkhand.
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India Cements share price was trading in the red on January 27 after the company declared its Q3 results.
The cement maker reported standalone net profit at Rs 62 crore against Rs 5.4 crore loss (YoY). The company’s standalone revenue went down 2.6 percent at Rs 1,160 crore against Rs 1,191.1 crore (YoY).
Standalone EBITDA was up 67.3 percent at Rs 215 crore against Rs 128.7 crore (YoY) while standalone EBITDA margin stood at 18.6 percent against 10.8 percent (YoY).
The stock was trading at Rs 168.40, down Rs 0.45, or 0.27 percent at 12:05 hours. It has touched an intraday high of Rs 173.80 and an intraday low of Rs 167.
The stock has been in focus after =ace investor Radhakisan Damani raised stakes in the cement maker. Radhakishan Damani, the owner of supermarket chain D-Mart, has been piling on the shares of India Cements for almost a year now. His individual stake in the company stood over 11 percent in December 2020 against over 10 percent in September 2020, according to a CNBC-TV18 report.
As of September 2020, Damani family owned a combined stake of 20.4 percent in the cement maker. According to exchange data, it has now increased to 21.14 percent.
The Board of Directors of the company, at its meeting held on January 27, 2021 appointed Krishnan Skandan as a Non-executive Independent Director of the Company for a period of three consecutive years with effect from January 27, 2021, subject to the approval of shareholders, it said in an exchange filing.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has decreasing promoter pledge with FII / FPI or institutions increasing their shareholding.
Moneycontrol technical rating is bullish with moving averages and technical indicators being bullish.
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