Shree Cement shares extend fall, crash 10% today amid heavy volumes
Shree Cement share price: The counter's 14-day relative strength index (RSI) came at 28.42. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 68.31. It has a price-to-book (P/B) value of 5.15.
- Jun 26, 2023,
- Updated Jun 26, 2023 10:59 AM IST
Shares of Shree Cement fell sharply on Monday after a news report claimed that income tax (I-T) evasion amounting to Rs 23,000 crore was found in searches at multiple company locations. The I-T department was conducting a survey action at five locations of the company in Rajasthan last week. The stock dived 10.12 per cent to hit a day low of Rs 22,601.30 over its previous close of Rs 2,5144.85, marking their steepest drop in over three years. The scrip continued to fall for the sixth straight session today.
A total of 5,163 shares changed hands today on BSE, which was nearly seven times higher compared to the two-week average volume of 752 shares. Turnover on the counter stood at Rs 11.95 crore, commanding a market capitalisation (m-cap) of Rs 83,771.02 crore.
The company said on Saturday that the survey was still ongoing, and that its management team is extending full co-operation to officials. "We have gathered that a lot of negative information about the company and its officials is floating in certain sections of the media in connection with the above survey. We would like to clarify that the survey is still going on. The entire management team of the company is available and extending full cooperation to the officials. Any information circulating in the media otherwise is incorrect and has been published without seeking prior inputs from the company," Shree Cement stated in an exchange filing.
At today's low price of Rs 22,601.30, the stock traded 16.33 per cent lower from its 52-week high of Rs 27,013, a level seen on February 21, 2023. That said, it was up 21.77 per cent from its one-year low price of Rs 18,560.60, hit on June 24, last year. On a year-to-date (YTD) basis, the counter has slipped 1.14 per cent.
The counter's 14-day relative strength index (RSI) came at 27.72. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 68.31. It has a price-to-book (P/B) value of 5.15.
Yet, the scrip has an average target price of Rs 24,503.10, Trendlyne data showed, suggesting a potential downside of 5.25 per cent. It has a one-year beta of 0.67, indicating low volatility on the counter.
Shree Cement has a consolidated cement production capacity of 47.4 million tonnes per annum (including overseas) and a power generation capacity of 752 Megawatts. Its operations span across India and the UAE with 4 integrated plants in India, 1 in UAE and 9 grinding units. It also has the second-highest installed capacity of waste heat recover power plants in the world.
Meanwhile, Indian equity benchmarks slipped into the red in early deals today amid a highly volatile trading session. The domestic indices were trading lower, dragged by banks, financials and technology stocks.
Also read: IndiGo share price target: UBS sees stock at Rs 3,300, says Q1 EPS to beat FY18 annual figure
Shares of Shree Cement fell sharply on Monday after a news report claimed that income tax (I-T) evasion amounting to Rs 23,000 crore was found in searches at multiple company locations. The I-T department was conducting a survey action at five locations of the company in Rajasthan last week. The stock dived 10.12 per cent to hit a day low of Rs 22,601.30 over its previous close of Rs 2,5144.85, marking their steepest drop in over three years. The scrip continued to fall for the sixth straight session today.
A total of 5,163 shares changed hands today on BSE, which was nearly seven times higher compared to the two-week average volume of 752 shares. Turnover on the counter stood at Rs 11.95 crore, commanding a market capitalisation (m-cap) of Rs 83,771.02 crore.
The company said on Saturday that the survey was still ongoing, and that its management team is extending full co-operation to officials. "We have gathered that a lot of negative information about the company and its officials is floating in certain sections of the media in connection with the above survey. We would like to clarify that the survey is still going on. The entire management team of the company is available and extending full cooperation to the officials. Any information circulating in the media otherwise is incorrect and has been published without seeking prior inputs from the company," Shree Cement stated in an exchange filing.
At today's low price of Rs 22,601.30, the stock traded 16.33 per cent lower from its 52-week high of Rs 27,013, a level seen on February 21, 2023. That said, it was up 21.77 per cent from its one-year low price of Rs 18,560.60, hit on June 24, last year. On a year-to-date (YTD) basis, the counter has slipped 1.14 per cent.
The counter's 14-day relative strength index (RSI) came at 27.72. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 68.31. It has a price-to-book (P/B) value of 5.15.
Yet, the scrip has an average target price of Rs 24,503.10, Trendlyne data showed, suggesting a potential downside of 5.25 per cent. It has a one-year beta of 0.67, indicating low volatility on the counter.
Shree Cement has a consolidated cement production capacity of 47.4 million tonnes per annum (including overseas) and a power generation capacity of 752 Megawatts. Its operations span across India and the UAE with 4 integrated plants in India, 1 in UAE and 9 grinding units. It also has the second-highest installed capacity of waste heat recover power plants in the world.
Meanwhile, Indian equity benchmarks slipped into the red in early deals today amid a highly volatile trading session. The domestic indices were trading lower, dragged by banks, financials and technology stocks.
Also read: IndiGo share price target: UBS sees stock at Rs 3,300, says Q1 EPS to beat FY18 annual figure