ACC shares jump to 52-week high after strong quarter earnings
ACC shares on Tuesday jumped nearly 7 per cent to their 52-week high after the cement company reported an over two-fold jump in consolidated net profit for the second quarter ended June 2021. ACC shares surged 6.90 per cent to ₹2,299.05 on BSE and on NSE, it gained 6.87 per cent to ₹2,299.90 -- its 52-week high.
They were trading at ₹2,325.75 up 8.08 per cent on BSE at 1:05pm. And on NSE, they were trading at ₹2,329.60 or 8.26 per cent higher at 1:06pm. The stock opened with a gain of 3.46 per cent at ₹2,225 on Tuesday. ACC shares on Monday settled at ₹2,150.65 on BSE, or up 1.01 per cent, from the previous close.
ACC Ltd, a subsidiary of Swiss major Holcim Group, on Monday reported an over two-fold jump in consolidated net profit to ₹569.45 crore for the second quarter ended June 2021, helped by a lower base, increase in sales and cost-efficiency. ACC, which follows the January-December financial year, said in a regulatory filing that it posted a profit of ₹270.95 crore in the April-June quarter a year ago,
The company reported revenue from operations of ₹3,884.94 crore during the quarter, up 49.29 per cent from ₹2,602.24 crore in the year-ago period.
"ACC has recorded very good performance this quarter," ACC managing director and CEO Sridhar Balakrishnan said. "With a strong focus on supply chain efficiencies and cost optimisation, the company has emerged stronger and more resilient. Waste Heat Recovery System projects at various sites are progressing well," Balakrishnan said.
(With PTI inputs)