JK Lakshmi Cement shares trim most of sharp early gains, close over 3% higher on Q4 earnings
JK Lakshmi on Wednesday reported more than twofold jump in consolidated net profit to Rs 98.63 crore for the fourth quarter ended on March 2020, helped by cost reductions.
New Delhi: Shares of JK Lakshmi Cement on Thursday trimmed most of its sharp early gains and closed the day over 3 percent higher.
In early trade, it jumped nearly 11 percent after the company reported over twofold jump in consolidated net profit for the fourth quarter ended 31 March.
The stock, which advanced 10.75 percent to Rs 220.80 on the BSE during the day, later surrendered most of its early gains and closed at Rs 206, up 3.34 percent.
It closed with a gain of 3.35 percent at Rs 206.20 on the National Stock Exchange (NSE) after surging 9.17 percent to Rs 217.80 during the trade.
The company on Wednesday reported more than twofold jump in consolidated net profit to Rs 98.63 crore for the fourth quarter ended on March 2020, helped by cost reductions.
The company had posted a profit of Rs 39.38 crore in January-March period a year ago, it said in a regulatory filing.
However, its revenue from operations during the quarter under review was down 11.08 percent at Rs 1,137.47 crore as against Rs 1,279.33 crore in the year-ago period.
The company's concerted efforts in improving product mix, market optimisation, enhancing the premium products sales, reduction in logistic costs and improvement in plant efficiency parameters enabled the company to post better returns, JK Lakshmi Cement said in a statement.
Sensex fell by 524.96 points to end at 58,490.93 while Nifty ended at a loss of 188.25 points at 17,396.90.
The top gainers of BSE Sensex were Kotak Bank, HDFC Bank, Bharti Airtel, Maruti, and Nestle India. The biggest losers were Tata Steel, SBI, TCS, Hindustan Unilever, and Reliance
While the Sensex gained 417.96 points to end at 59,141.16, Nifty went up by 110.05 points to end at 17,629.50.