Ambuja Cements slipped over 5% to Rs 189.85 in morning deals after the company reported lower-than-expected earnings for the October-December 2012 quarter.
The company posted a net profit of Rs 212 crore for the quarter ended December 2012, as compared to Rs 302 crore during the previous corresponding quarter. During the recently concluded quarter, total Income increased to Rs 2,423 crore from Rs 2,413 crore recorded in the previous corresponding period, Ambuja said in a release to the Bombay Stock Exchange (BSE).
Meanwhile, Morgan Stanley cut its rating on the company to "equal-weight" from "overweight" on Wednesday, saying valuations already reflect expectations of firmer cement prices and a "structurally positive" outlook for the sector.
The stock opened at Rs 193.4 and touched an intra-day high of Rs 196 and a low of Rs 189 on the BSE. As many as 1,94,000 shares have changed hands thus far, as compared to its two-week average of 1,68,000 shares.
