 "ACC shares jump over 7%; hit 52-wk high after earnings announcement")
Shares of cement maker ACC Ltd on Tuesday zoomed over 7 per cent to its 52-week high after the company reported an over two-fold jump in consolidated net profit for the second quarter ended June 2021.
The stock jumped 7.34 per cent to close at Rs 2,308.55 on the BSE. During the day, it rallied 8.94 per cent to Rs 2,342.95 -- its 52-week high.
On the NSE, it gained 6.92 per cent to close at Rs 2,301.
In traded volume terms, 3.42 lakh shares were traded at the BSE and over 85.93 lakh units at the NSE during the day.
ACC Ltd on Monday reported an over two-fold jump in consolidated net profit to Rs 569.45 crore for the second quarter ended June 2021, helped by a lower base, increase in sales and cost efficiency.
The company, which follows the January-December financial year, had posted a profit of Rs 270.95 crore in the April-June quarter a year ago, ACC said in a regulatory filing.
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The company, a subsidiary of Swiss building material major Holcim group (earlier LafargeHolcim), reported revenue from operations of Rs 3,884.94 crore during the quarter, up 49.29 per cent from Rs 2,602.24 crore in the year-ago period.
ACC Managing Director and Chief Executive Officer Sridhar Balakrishnan said, "ACC has recorded very good performance this quarter. With a strong focus on supply chain efficiencies and cost optimization, the company has emerged stronger and more resilient. Waste Heat Recovery System projects at various sites are progressing well.
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