India's Star Cement rises on fourth-quarter profit growth

Star Cement

22/05/2023 09:27

** Shares of Star Cement Ltd  STAT.NS  rise as much as 4.72%
to 128.80 rupees
    ** Stock rises after the cement maker reports 9% Y/Y gain in
consolidated net profit in March quarter to 961.2 mln rupees
 urn:newsml:reuters.com:*:nFWN37G10T
    ** Revenue from operations up 10% at 8.25 bln rupees,
compared with 7.49 bln rupees Y/Y
    ** Co has appointed Vinit Kumar Tiwari as its chief
executive officer, effective from May 20
    ** Appointment after incumbent CEO Sajjan Bhajanka resigns
from the position on May 19; Bhajanka to continue as Managing
Director and Chairman
    ** Trading volume is 410,025 shares as of 1:50 p.m. IST,
1.1x the 30-day avg - Refinitiv data
    ** Of 11 analysts tracking STAT, six maintain "buy", one
suggests "sell" and four recommend "hold"; median TP is 127
rupees
    
     ($1 = 81.7800 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))