ACC fell 1.96% to Rs 1114 at 13:43 IST on BSE after consolidated net profit declined 50.86% to Rs 118.90 crore on 1.33% decline in sales turnover to Rs 2508.65 crore in Q3 September 2013 over Q3 September 2012.
The result was announced during trading hours today, 23 October 2013.
Meanwhile, the BSE Sensex was down 230.01 points, or 1.10%, to 20,634.96.
On BSE, 42,000 shares were traded in the counter compared with average volume of 45,282 shares in the past one quarter.
The stock hit a high of Rs 1,130.50 and a low of Rs 1,100 so far during the day. The stock hit a 52-week high of Rs 1,487 on 8 November 2012. The stock hit a 52-week low of Rs 912.05 on 28 August 2013.
The stock had underperformed the market over the past one month till 22 October 2013, rising 1.25% compared with the Sensex's 2.97% rise. The scrip had also underperformed the market in past one quarter, falling 8.13% as against Sensex's 3.50% rise.
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The large-cap company has an equity capital of Rs 187.75 crore. Face value per share is Rs 10.
ACC's cement sales volume rose 2.59% to 5.54 million tonnes in Q3 September 2013 compared with 5.40 million tonnes in Q3 September 2012.
Consolidated operating EBITDA (earnings before interest taxes depreciation and amortization) fell 38.52% to Rs 286.56 crore in Q3 September 2013 over Q3 September 2012. The company attributed reduced profitability during the quarter to sluggish market conditions and lower realizations.
ACC said that overall, the macro-environment continued to be dull and characterized by slow industrial and agricultural growth, rising prices and volatile foreign exchange rates. There were increases in the prices of diesel, coal and railway freight which could be countered partly through the company's ongoing initiatives to achieve improvements in operations, sales and logistics.
Work on the ongoing Jamul expansion project is progressing well with all the main structures now above ground. Work has also commenced at the Sindri site and is moving ahead on schedule, ACC said in a statement.
The company added that while the extended monsoon is expected to have a favourable impact on the agricultural sector in coming months, it anticipates a gradual but slow improvement in demand for cement and in the overall economy which may need some more time to recover.
ACC manufactures cement and ready mixed concrete.
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