India's Sagar Cements hits 1-1/2-year high as profit jumps ten-fold

Sagar Cements

22/10/2020 05:48

** Shares of cement manufacturer  SGRC.NS  climb as much as
8.8% to 749.9 rupees, their highest since March 13, 2019
    ** Sept-qtr consol profit surged to 501.7 mln rupees ($6.80
mln) from 49.2 mln rupees a year earlier, helped by a ~23% jump
in revenue, co reported Wednesday  urn:newsml:reuters.com:*:nFWN2HC0D8
    ** Volumes and prices gradually improving on the back of
good demand, especially in rural areas - joint Managing Director
 Sreekanth Reddy
    ** Steady realisations coupled with better efficiencies and
cost containment helped in delivering higher profitability and
margins - Reddy
    ** Around 2.7 mln shares change hands by 0438 GMT, vs 30-day
avg of 36,583 shares; stock headed for 5th straight session of
gains
    ** SGRC up ~29% YTD, vs a ~4% fall in the Nifty Infra Index
 .NIFTYINFR  and a ~2% dip in the benchmark NSE Nifty 50  .NSEI 


($1 = 73.7300 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))