ACC rose 1.26% to Rs 1,303 at 12:31 IST on BSE, with the stock recovering on bargain hunting after recent slide triggered by the company reporting weak Q1 earnings.
Meanwhile, the S&P BSE Sensex was down 81.87 points or 0.36% at 22,549.74.
On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 30,177 shares in the past one quarter.
The stock was volatile. The stock rose as much as 1.75% at the day's high of Rs 1309.40 so far during the day. The stock lost as much as 0.66% at the day's low of Rs 1278.30 so far during the day. The stock had hit a 52-week low of Rs 912.05 on 28 August 2013. The stock had hit a 52-week high of Rs 1,402.35 on 10 April 2014.
The stock had underperformed the market over the past one month till 28 April 2014, sliding 5.5% compared with the Sensex's 1.31% rise. The scrip had, however, outperformed the market in past one quarter, jumping 29.31% as against Sensex's 9.42% rise.
The large-cap company has equity capital of Rs 187.75 crore. Face value per share is Rs 10.
Shares of ACC had fallen 4.51% in two trading sessions to settle at Rs 1,286.85, from a recent high of Rs 1,347.75 on 23 April 2014 after the company on Thursday, 24 April 2014, announced weak Q1 March 2014 results.
ACC's consolidated profit after tax (PAT) fell 8.8% to Rs 399.85 crore on 2.1% increase in net sales to Rs 2967.14 crore in Q1 March 2014 over Q1 March 2013. The company announced the results on Thursday, 24 April 2014.
ACC said that profit after tax in Q1 March 2014 includes write back of tax of Rs 113 crore on conclusion of earlier years' assessments as compared to Rs 141 crore in this respect in the corresponding quarter of the previous year.
ACC said that in Q1 March 2014, the cement industry did not experience any significant improvement in the pace of infrastructure development and general construction. With no uptrend in the demand for cement, the company's sales volume in Q1 March 2014 was at about the same level as in the corresponding period of previous year. The company's EBITDA declined to Rs 425 crore in Q1 March 2014, from Rs 492 crore in Q1 March 2013.
ACC said that its manufacturing costs faced escalations in the cost of major inputs viz. coal, fly ash and gypsum. On the positive side, the company continued to derive benefit from its ongoing cost leadership efforts and increased sales volume of premium products. ACC added that while it does not foresee any significant improvement in the cement market in the near term, the company will continue to drive its cost leadership and customer excellence programmes to enhance sales realizations and improve margins.
ACC is among lndia's leading manufacturers of cement
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