India's Shree Cement at over 2-yr high after Q3 profit beat

Shree Cement

01/02/2024 04:32

** Shares of Shree Cement  SHCM.NS  up 6.6% to over 2-yr
high of 30,429.95 rupees 
    ** SHCM's Dec-qtr profit nearly tripled y-o-y and beat
analysts' expectations, while revenue rose 20% 
    ** Total sales volume increased 11% to 8.89 mln tonnes
    ** More than 51,000 shares trade, 1.9x 30-day moving average
    ** Analysts' avg rating on SHCM, peer Ramco Cements
 TRCE.NS  is "hold", while India Cements  ICMN.NS  is only stock
with "sell" rating - LSEG data  
    ** Peers UltraTech Cement  ULTC.NS , Ambuja Cements
 ABUJ.NS , ACC  ACC.NS , Sanghi Industries  SNGI.NS  rated "buy"
- LSEG data  
    ** SNGI, SHCM, ABUJ, ACC up 2%-15% YTD, while TRCE, ICMN and
ULTC down 0.4%-3.2%  

    

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))