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Shares of ACC jumped as much as 13.3 per cent to Rs 1,484.9 rupees, their highest since May 11, on better-than-expected June quarter results.
The cement major has reported a marginal rise of 1 per cent in June quarter net profit at Rs 329 crore (Rs 326 crore). Net sales were up 13 per cent at Rs 3,768 crore (Rs 3,329 crore) on higher sales. Sales volume increased seven per cent to 7.24 million tonnes (6.74 mt).
ACC stock recorded its biggest intraday percentage gain since May 2009. Motilal Oswal has upgraded the stock to ‘buy’ with a price target of Rs 1,633. More than 4 million shares changed hands vs 30-day average of about 0.5 million shares.
About 21 of 40 brokerages rate the stock 'buy' or higher, 12 have 'hold' and seven have 'sell' or lower; their median price target is Rs 1,611.50.
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