India Cements hits 6-month low after Q3 loss widens

India Cements

22/01/2025 06:18

** Shares of India Cements  ICMN.NS  fall as much as 13% to
303.40 rupees, lowest since July 15
    ** ICMN, owned by UltraTech Cement  ULTC.NS , on Tuesday
reported wider Q3 loss of 4.29 bln rupees ($49.6 mln) vs loss of
165.1 mln rupees a year ago; rev from ops fell 16.5% Y/Y to 9.03
bln rupees 
    ** Data from Nomura and Ambit showed that pan-India average
cement price for the Dec-qtr was still 11% lower on year
    ** Share price currently below 50-day, 100-day and 200-day
exponential moving averages 
    ** More than 5.4 mln shares change hands, 2.6x of 30-day avg
    ** Avg rating of four analysts equivalent of "sell", median
PT is 239 rupees - LSEG data
    ** Stock rose 45.4% in 2024, its fifth straight yearly gain




($1 = 86.5190 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))