India's Ramco Cements drops after missing Q3 profit view

Ramco Cements

09/02/2024 04:23

** Shares of Ramco Cements  TRCE.NS  down as much as 8.3% to
893.55 rupees
    ** The cement maker missed analysts' estimates for
third-quarter profit, dragged down by softer demand and weak
prices
    ** Co's standalone net profit after tax rose 39%, and rev
from ops up 5% 
    ** Co logged a volume growth of 10% in the quarter, falling
short of analysts' expectations of 14%-15% growth
    ** Average rating of 28 analysts equivalent of "hold";
median PT 1,000 rupees - LSEG data
    ** Stock posts biggest intraday pct loss since Nov 2022, and
on track to snap a two-week streak of gains, if trend holds
    ** TRCE stis down 9.3% so far this year 
    

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))