Comments
Shares of ACC Ltd fell 1.81 per cent on the bourses in the morning trade today after the cement maker’s consolidated net profit halved to Rs 119 crore for the July-September quarter.
Lower realisations on the back of sluggish market conditions halved the net profit to Rs 118.90 crore. The net profit stood at Rs 241.96 crore in the corresponding quarter last fiscal.
Reacting to the numbers, the shares of ACC opened on a weak note and then slumped 1.81 per cent to Rs 1,152.25 on the BSE. On the National Stock Exchange, the scrip opened at Rs 1,145.15 and then declined 1.8 per cent to Rs 1,136.25.
Market experts said that the decline in the counter was largely because the company’s September quarter earnings were below market expectations.
Sales turnover also fell to Rs 2,508.65 crore from Rs 2,542.37 crore.
“Overall, the macro-environment continued to be dull and characterised by slow industrial and agricultural growth, rising prices and volatile foreign exchange rates,” ACC said.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.