India's Mangalam Cement sees best session in over 18 months on Q1 profit

Mangalam Cement

06/08/2019 05:32

** Shares of Mangalam Cement Ltd  MGLC.NS  rise as much as
13.7% to 253 rupees, their biggest daily percentage gains since
Jan 16, 2018
    ** The cement manufacturer posted June-qtr profit 332.2 mln
rupees ($4.70 mln) versus loss of 153.2 mln rupees  urn:newsml:reuters.com:*:nFWN2510NN
    ** Revenue rose 31% to 3.33 bln rupees
    ** Stock est PE of 22.54, well above sector average of 19.37
    ** Up to last close, the stock is down 0.3% this year, while
peer Sagar Cements  SGRC.NS  is 17% lower

($1 = 70.7250 Indian rupees)

 (Reporting by Harish Bhaskar in Bengaluru)
 ((Harish.Bhaskar@thomsonreuters.com; +91 9886782831; Reuters
Messaging: harish.bhaskar.thomsonreuters.com@reuters.net))