ACC shares jump nearly 7%; hit 52-wk high after earnings announcement

ACC shares jump nearly 7%; hit 52-wk high after earnings announcement

PTIUpdated: Tuesday, July 20, 2021, 11:35 AM IST
article-image
ACC Ltd on Monday reported an over two-fold jump in consolidated net profit to Rs 569.45 crore for the second quarter ended June 2021, |

Shares of cement maker ACC Ltd on Tuesday zoomed nearly 7 percent to its 52-week high after the company reported an over two-fold jump in consolidated net profit for the second quarter ended June 2021.

The stock jumped 6.90 percent to Rs 2,299.05 -- its 52-week high -- on the BSE.

At the NSE, it gained 6.87 percent to Rs 2,299.90 -- its 52-week high.

ACC Ltd on Monday reported an over two-fold jump in consolidated net profit to Rs 569.45 crore for the second quarter ended June 2021, helped by a lower base, increase in sales and cost efficiency.

The company, which follows the January-December financial year, had posted a profit of Rs 270.95 crore in the April-June quarter a year ago, ACC said in a regulatory filing.

The company, a subsidiary of Swiss building material major Holcim group (earlier LafargeHolcim), reported revenue from operations of Rs 3,884.94 crore during the quarter, up 49.29 percent from Rs 2,602.24 crore in the year-ago period.

ACC Managing Director and CEO Sridhar Balakrishnan said, "ACC has recorded very good performance this quarter. With a strong focus on supply chain efficiencies and cost optimization, the company has emerged stronger and more resilient. Waste Heat Recovery System projects at various sites are progressing well."

RECENT STORIES

'Will Never Give Up': Wintrack Founder Prawin Ganesha Shares 'Sequence of Events' Leading To...

'Will Never Give Up': Wintrack Founder Prawin Ganesha Shares 'Sequence of Events' Leading To...

India’s Economy Steered By Robust Consumption, Investments, Low Inflation, Favourable Food Prices...

India’s Economy Steered By Robust Consumption, Investments, Low Inflation, Favourable Food Prices...

Government Receives Investment Proposals Worth ₹1.15 Lakh Crore Under Electronics Component...

Government Receives Investment Proposals Worth ₹1.15 Lakh Crore Under Electronics Component...

GST Reforms Boost Uttar Pradesh's Economy, Empowering Artisans & MSMEs With Lower Taxes & Global...

GST Reforms Boost Uttar Pradesh's Economy, Empowering Artisans & MSMEs With Lower Taxes & Global...

Mumbai & Pune's Housing Sales Drop 17% to 49,542 Units On Lower Demand Amid Sharp Surge In Prices Of...

Mumbai & Pune's Housing Sales Drop 17% to 49,542 Units On Lower Demand Amid Sharp Surge In Prices Of...