Sanghi Industries rose 2.49% to Rs 141.80 at 15:16 IST on BSE, extending yesterday's rise triggered by a domestic brokerage reportedly initiating coverage on the stock with a 'buy' rating and a target price of Rs 157.
Shares of Sanghi Industries rose 8.72% to settle at Rs 138.35 yesterday, 27 December 2017. The stock has risen 11.43% in two sessions from its close of Rs 127.25 on 26 December 2017.Meanwhile, the S&P BSE Sensex was down 81.86 points, or 0.24% to 33,829.95.
On the BSE, 2.17 lakh shares were traded in the counter so far, compared with average daily volumes of 1.61 lakh shares in the past two weeks. The stock had hit a high of Rs 144 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 138.25 so far during the day. The stock hit a 52-week low of Rs 48.80 on 30 December 2016.
The brokerage reportedly stated that Sanghi Industries (SIL) is one of the lowest cost cement producers due to its quality limestone, locational advantage and strong integration across the manufacturing value chain. SIL's strength lies in its access to 1b tonne of quality marine limestone reserves. SIL is a strong candidate for a re-rating, led by expected increase in its capacity over the next 30 months and anticipated scale benefits led by diversification into new higher-priced markets, the brokerage added.
Net profit of Sanghi Industries rose 28.3% to Rs 10.92 crore on 0.8% decline in net sales to Rs 205.59 crore in Q2 September 2017 over Q2 September 2016.
Sanghi Industries deals in the production and distribution of cement under the brand name "Sanghi Cement".
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