India Cements has dipped 10% to Rs 89.25 after reporting a net loss of Rs 31 crore for the fourth quarter ended March 31, 2014 (Q4FY14), due to lower realization and higher interest cost. The Chennai-based cement manufacturer had recorded a profit of Rs 26 crore in the same quarter last year.
The March quarter results included loss from the sale of a ship of Rs 31.91 crore and Rs 49.34 crore profit from sale of land, India Cements said in a statement.
Net sales declined 9.9% to Rs 1,080 crore from Rs 1,190.64 crore a year-ago, it added.
Meanwhile, the company is planning on selling large portions of land near their plants in Tamil Nadu and Andhra Pradesh, along with looking at real estate development, the Business Standard report suggests.
As a part of their restructuring plan, India Cements is planning to merge with its subsidiary Trinetra Cement, added report.
The stock opened at Rs 97.50 and touched a low of Rs 88.45 on NSE. A combined 2.59 million shares changed hands on the counter so far on NSE and BSE.
The March quarter results included loss from the sale of a ship of Rs 31.91 crore and Rs 49.34 crore profit from sale of land, India Cements said in a statement.
Net sales declined 9.9% to Rs 1,080 crore from Rs 1,190.64 crore a year-ago, it added.
Meanwhile, the company is planning on selling large portions of land near their plants in Tamil Nadu and Andhra Pradesh, along with looking at real estate development, the Business Standard report suggests.
As a part of their restructuring plan, India Cements is planning to merge with its subsidiary Trinetra Cement, added report.
The stock opened at Rs 97.50 and touched a low of Rs 88.45 on NSE. A combined 2.59 million shares changed hands on the counter so far on NSE and BSE.
