ACC shares soar over 13% on Apr-Jun quarter earnings; market cap rises by Rs 3,154 cr

New Delhi: Shares of ACC on Tuesday ended with a sharp gain of over 13 percent after the company reported a marginal rise in the consolidated net profit at Rs 329 crore for the June quarter. The stock soared 12.86 percent to settle at Rs 1,473.25 on BSE. Intra-day, it surged 14.83 percent to Rs 1,499. On NSE, shares of the company jumped 13.23 percent to settle at Rs 1,484.25. The company’s market valuation went up by Rs 3,153.76 crore to Rs 27,665.76 crore. [caption id=“attachment_4632741” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] “ACC reported stellar Q2 CY18 performance despite odds such as weak cement prices, rising fuel cost and a high base,” Edelweiss Research said in a report. The company’s outlook for cement demand in the future is also positive. In terms of equity volume, 6.43 lakh shares of the company were traded on BSE and over 75 lakh shares changed hands on NSE during the day. Buying was also seen in other cement stocks, where Grasim Industries soared 8.34 percent, Dalmia Bharat ended 7.40 percent higher, HeidelbergCement rose 4.74 percent, JK Lakshmi Cement 3.66 percent and UltraTech Cement 3.30 percent on BSE. The company had posted Rs 326 crore profit in April-June period of last fiscal, ACC said in a BSE filing yesterday. In the second quarter, cement sales volume was at 7.24 million tonnes as against 6.74 million tonnes, up 7 percent. On the outlook, ACC said it expected cement demand to be positive, driven by the ‘Housing for All’ programme, sustained infrastructure spends and rural housing.