India's Sagar Cements rises as co swings to quarterly profit

Sagar Cements

11/05/2023 06:16

** Shares of Sagar Cements  SGRC.NS  rise as much as 7.8% to
218 rupees, their highest since Feb 22
    ** Co late on Wednesday reported a consolidated net profit
of 1.01 bln rupees ($12.35 mln) vs a loss of 115.1 mln rupees yr
ago  urn:newsml:reuters.com:*:nFWN37712I
    ** Rev from ops increased 24% Y/Y and sales volume increased
by 20% for Q4, co said 
    ** "For the quarter, good demand from infrastructure
projects and IHB (Individual House Builders) segment helped
sustain high volumes," Joint Managing Director Sreekanth Reddy
said in a statement
    ** Stock on track to gain for a fourth straight day
    ** More than 915,000 shares traded, 7.9 times their 30-day
moving avg
    ** Seven of 10 brokerages rate the stock "buy" or higher and
three as "hold"; their median PT is 241 rupees - Refinitiv data
    ** SGRC stock down 8.4% YTD


     ($1 = 81.7800 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))