India's Shree Cement slips after June-qtr profit, rev fall

JK Lakshmi Cement

11/08/2020 06:17

** Indian cement manufacturer's shares  SHCM.NS  fall as
much as 4.8% to 21,322 rupees, their biggest intraday pct loss
since June 8
    ** SHCM on Monday posted 13.2% and 24.9% fall in Q1 consol.
net profit and rev from ops, respectively  urn:newsml:reuters.com:*:nFWN2FC0IV
    ** Cement manufacturers have experienced huge fall in sales
volumes as COVID-19 lockdowns dented demand
    ** SHCM results lagged its peers; believe margins have
peaked-out due to competition, weak demand outlook - Prabhudas
Lilladher (Pvt) Ltd, which downgrades stock to "reduce"
    ** India's JK Lakshmi Cement  JKLC.NS  last week also posted
fall in Q1 sales volume and rev from ops  urn:newsml:reuters.com:*:nL4N2F81E6    
    ** 11 of the 39 analysts covering the stock have a "buy" or
higher rating, 13 have "hold" while 15 rate it at "sell" or
lower; median PT is 19,503 rupees - Refinitiv data
    ** Up to Monday's close, stock rose ~10% YTD

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))