ACC share logged a record high in early trade today after the cement maker logged an over two-fold rise in consolidated net profit for the quarter ended June.
ACC stock rose 6.89% to Rs 2299 against previous close of Rs 2150.65 on BSE. ACC stock has gained 9% in the last 4 days. The stock opened with a gain of 3.46% at Rs 2225 today.
ACC share is trading higher than its 5 day, 20 day, 50 day, 100 day and 200 day moving averages
The large cap stock has risen 72% in one year and gained 41.49% since the beginning of this year.
In a month, the stock has risen 12.84%. Market cap of the cement manufacturer rose to Rs 42,738 crore on BSE.
Total 1.21 lakh shares changed hands amounting to turnover of Rs 27.30 crore. The stock hit its 52 week low of Rs 1,289 on September 7, 2020.
Net profit in last quarter rose to Rs 569.45 crore helped by a lower base, increase in sales and cost efficiency. The company, which follows the January-December financial year, had reported a profit of Rs 270.95 crore in the April-June quarter a year ago.
Revenue from operations rose 49.29 per cent to Rs 3,884.94 crore in Q2 against Rs 2,602.24 crore in the year-ago period.
Total expenses climbed 40.97 per cent to Rs 3,175.47 crore in Q2 against Rs 2,252.62 crore in the year ago period.
Revenue from cement rose 43.96 per cent to Rs 3,672.31 crore against Rs 2,550.99 crore in the corresponding quarter of the previous year.
For first half (January to June), ACC's consolidated net profit zoomed 90.59 per cent to Rs 1,132.04 crore against Rs 593.97 crore in the year-ago period.
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