JK Cement lost 6.82% to Rs 189.35 at 10:49 IST on BSE after net profit dropped 55.2% to Rs 30.88 crore on 10.6% fall in net sales to Rs 657.44 crore in Q1 June 2013 over Q1 June 2012.
The result was announced on Saturday, 27 July 2013.
Meanwhile, the BSE Sensex was down 51.19 points or 0.26% to 19,697.91.
On BSE, 3,402 shares were traded in the counter as against average daily volume of 8,411 shares in the past one quarter.
The stock hit a 52-week low of Rs 189 in intraday trade today, 29 July 2013. The stock hit a high of Rs 200.60 so far during the day. The stock had hit a record high of Rs 369.80 on 24 December 2012.
The stock had underperformed the market over the past one month till 26 July 2013, sliding 13.86% compared with the Sensex's 6.45% rise. The scrip had underperformed the market in past one quarter, falling 22.97% as against Sensex's 2.39% rise.
The small-cap company has an equity capital of Rs 69.93 crore. Face value per share is Rs 10.
JK Cement said that the Competition Commission of India (CCI) has upheld the complaint of Builders Association of India, alleging cartelisation by some cement manufacturing companies including JK Cement and imposed a penalty of Rs 128.54 crore on the company. The company had filled an appeal against the order before Competition Appellate Tribunal (COMPAT). COMPAT has stayed the penalty imposed by CCI in an interim order upon deposit of 10% of penalty amount till the final disposal of appeal. The company has deposited Rs 12.85 crore in the form of fixed deposit favouring COMPAT. Based on expert legal advice, the company believes that it has fair chances before the COMPAT and accordingly did not make any provision in accounts.
JK Cement is engaged in manufacturing and selling cement.
Powered by Capital Market - Live News
