Prism Cement rose 2.05% to Rs 94.45 at 10:19 IST on BSE after the company agreed to acquire 15.23% stake in BLA Power which is in the business of generating thermal power.
The announcement was made after market hours yesterday, 6 June 2016.Meanwhile, the BSE Sensex was up 97.78 points, or 0.37%, to 26,875.23
On BSE, so far 32,250 shares were traded in the counter, compared with an average volume of 93,601 shares in the past one quarter. The stock hit a high of Rs 95.30 and a low of Rs 93.60 so far during the day. The stock hit a 52-week high of Rs 127.60 on 17 July 2015. The stock hit a 52-week low of Rs 55.55 on 12 February 2016. The stock had outperformed the market over the past one month till 6 June 2016, rising 12.87% compared with 6.14% rise in the Sensex. The scrip also outperformed the market in past one quarter, advancing 37.31% as against Sensex's 8.65% rise.
The mid-cap company has an equity capital of Rs 503.36 crore. Face value per share is Rs 10.
Prism Cement will acquire 15.23% equity stake in BLA Power for approximately Rs 21 crore. Prism Cement will also enter into a power supply agreement (PSA) with BLA Power for the purchase and consumption of 25 megawatts (MW) of RTC (Round The Clock) power from BLA Power for its two cement plants at Satna in Madhya Pradesh. This is expected to reduce the cost of cement production for the two cement units at Satna.
Prism Cement's net profit remained almost unchanged on year on year basis at Rs 61.88 crore in Q4 March 2016. Total income fell 4.8% fall in total income to Rs 1519.99 crore in Q4 March 2016 over Q4 March 2015.
Prism Cement is an integrated building materials company, with a wide range of products from cement, ready-mixed concrete, tiles, bath products to kitchens. The company sells ceramic tiles under the Johnson Tiles brand.
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