 "DCM Shriram share price rises 10% in trade; here's what's boosting rally")
DCM Shriram shares soared 10.1 per cent on Thursday (October 31) and registered an intraday high of Rs 1,153.05 per share on BSE. The buying at the counter came after the company reported a 95.16 per cent increase in consolidated net profit in Q2FY25.
Around 9:22 AM, DCM Shriram shares were up 6.99 per cent at Rs 1120.2 per share. In comparison, the BSE Sensex was down 0.16 per cent at 79,818.10. The market capitalisation of the company stood at Rs 17,468.66 crore.
On Wednesday, after market hours, DCM Shriram reported its Q2 numbers. The company's consolidated net profit increased 95.16 per cent for the second quarter at Rs 62.92 crore as compared to Rs 32.24 crore in the same period a year earlier.
As per the regulatory filing, its total income rose 11.81 per cent to Rs 3,183.98 crore in Q2 FY25 from Rs 2,847.42 crore in the year-ago quarter.
Its total revenue from operations for Q2FY25 stood at Rs 3,049.51 crore as compared to Rs 2,751.58 crore a year ago. This implies an increase of 10.8 per cent.
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DCM Shriram's board approved an equity investment of up to Rs 60 crore for up to 28 per cent stake in one or more Special Purpose Vehicles (SPVs) to set up a 68 MW wind-solar hybrid renewable power project.
It also approved a capex (capital expenditure) of Rs 23 crore for the renewable power project in Kota, Rajasthan.
Additionally, the board also gave a nod to a capex of Rs 310 crore to set up a 100 TPD aluminium chloride facility and a 225 TPD granulated calcium chloride facility at Jhagadia, Bharuch.
DCM Shriram dividend
The company's board declared an interim dividend for the financial year 2024-25 on the paid-up equity share capital of the company at 100 per cent (Rs 2/- per equity sharethe of face value of Rs 2 each).
The record date for the same is fixed at November 11, 2024. Further, the said dividend shall be paid to all eligible shareholders on or before November 28, 2024.
DCM Shriram is a diversified conglomerate based in India, involved in various sectors such as agribusiness, chemicals, and textiles. The company is known for its sustainable practices and innovation in the markets it operates in. It has a significant presence in the production of sugar, fertilizers, and various chemical products.
In the past one year, DCM Shriram shares have gained 12.7 per cent against Sensex's rise of 25 per cent.