ACC rose 0.41% to Rs 1,431.30 at 15:25 IST on BSE after the company reported Q1 results.
The result was announced during market hours today, 28 April 2016.Meanwhile, the BSE Sensex was down 493.07 points, or 1.89%, to 25,571.05.
Higher than normal volumes were witnessed on the counter. On BSE, so far 49,815 shares were traded in the counter, compared with an average volume of 20,553 shares in the past one quarter. The stock was volatile. At the day's high of Rs 1,444.85, the stock rose 1.08%. At the day's low of Rs 1,409.55 hit so far during the day, the stock fell 1.38%. The stock hit a record high of Rs 1,545 on 29 April 2015. The stock hit a 52-week low of Rs 1,173.25 on 29 February 2016. The stock had outperformed the market over the past one month till 27 April 2016, rising 4.3% compared with Sensex's 2.87% gains. The scrip had also outperformed the market in past one quarter, gaining 16.13% as against Sensex's 6.42% gains.
The large-cap company has an equity capital of Rs 187.75 crore. Face value per share is Rs 10.
ACC's consolidated net profit dropped 4.05% to Rs 226.95 crore on 1.45% rise in net sales to Rs 2927.38 crore in Q1 March 2016 over Q1 March 2015. Consolidated operating earnings before interest, tax, depreciation and amortization (EBITDA) dropped 28.85% to Rs 433.59 crore in Q1 March 2016 over Q1 March 2015. Operating EBITDA dropped in Q1 March 2016 due to higher operating EBITDA in Q1 March 2015 as it included an accrual of Rs 139.74 crore pursuant to a favourable order from the Jharkhand High Court pertaining to sales tax incentives for earlier years. Cement sales volumes rose 9.27% to 6.36 million tonnes in Q1 March 2016 over Q1 March 2015. The demand for cement saw an increase due to pick up in construction activity in infrastructure and housing sectors during Q1 March 2016. ACC's other operating income declined 67.52% to Rs 63.22 crore in Q1 March 2016 over Q1 March 2015. Other operating income in Q1 March 2015 includes Rs 139.74 crore being accrual of sales tax incentives pertaining to the period August 2005 to March 2015.
In its outlook, ACC said that acceleration in government's investment in infrastructure and other urbanization projects, new schemes and allocations announced in the recent Union Budget especially in roads and housing, softening of interest rates giving a fillip to housing and forecast of above normal monsoon this year are all trends that portend well for heightened construction activity and in turn for an increase in the demand for both cement and concrete.
ACC is a manufacturer of cement and ready mixed concrete with a countrywide network of factories and sales offices.
Powered by Capital Market - Live News
