Prism Cement gained 2.99% to Rs 120.60 at 9:40 IST on BSE after the company said that a step-down joint venture of the company successfully completed the expansion at its Dhuva plant.
The announcement was made after market hours yesterday, 21 June 2017.Meanwhile, the S&P BSE Sensex was up 121.18 points, or 0.39%, to 31,404.82. The S&P BSE Mid-Cap index was up 56.86 points, or 0.38%, to 14,907.60.
On the BSE, 11,248 shares were traded on the counter so far as against the average daily volumes of 1.02 lakh shares in the past one quarter. The stock had hit a high of Rs 121.80 and a low of Rs 119.90 so far during the day. The stock had hit a 52-week high of Rs 129.10 on 28 April 2017. The stock had hit a 52-week low of Rs 72 on 27 December 2016.
The stock had underperformed the market over the past one month till 21 June 2017, falling 2.82% compared with 2.69% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 15.77% as against Sensex's 6.1% gains. The scrip had also outperformed the market in past one year, gaining 24.51% as against Sensex's 16.67% gains.
The mid-cap company has equity capital of Rs 503.36 crore. Face value per share is Rs 10.
Prism Cement said that Sanskar Ceramic (Sanskar), a step-down joint venture of the company has successfully completed the expansion of 4.2 million square meters (MSM) per annum vitrified tiles capacity at its Dhuva plant, Morbi, Gujarat. The commercial production has commenced from 21 June 2017.
With this expansion, the company would be able to reduce outsourcing of vitrified tiles from third party sources and become more self-reliant. The capacity of Sanskar now stands at 2.3 MSM of wall tiles and 4.2 MSM of Vitrified Tiles.
The overall capacity of H & R Johnson (India), a division of Prism Cement, along-with its joint ventures and subsidiaries would stand at over 65 MSM per annum.
Prism Cement's net profit declined 7.2% to Rs 70.15 crore on 2.3% rise in net sales to Rs 1418.57 crore in Q4 March 2017 over Q4 March 2016.
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 has three divisions, viz. Prism Cement, H & R Johnson (India) and RMC Readymix (India).
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