The stocks of India Cements Limited started its trading session today at Rs 216 and currently trades at Rs 231, gaining around 7 percent compared to the previous closing price of Rs 215.35.
In the last one-month period, the scrip has gained more than 20 percent ranging from Rs 191.55 to the current levels. The company has a market capitalization of Rs 7,169 crores.
The surge in stock price today is witnessed after the National Stock Exchange (NSE) lifts the ban pertaining to the company’s Futures & Options (F&O) segment which it had imposed earlier this week.
F&O contracts of a stock enters the ban phase when there is a scenario of open interest (OI) crossing 95 percent of the market-wide position limits. The ban is reversed only when the OI comes below 80 percent. Following the same, the scrip is out of the ban list.
Ace Investor Mr. Radhakishan Damani, as per the March 2023 quarter, holds a 11.34 percent stake in the cement manufacturing company equating to around 3.5 crore equity shares. The holding value of the same, as of today, stands approximately at Rs 812 crores.
Having a glance at the latest financials released by the company, the operating revenues, on a YoY basis, have increased from Rs 4,858 crores during FY21-22 to Rs 5,608 crores in FY22-23.
On a contrasting note, the net profit from continuing operations, keeping the timeframe the same, took a downshift from profits of Rs 66 crores to losses of Rs 170 crores.
The latest shareholding data exhibits that the Promoters hold a 28.42 percent stake, and Foreign Institutional Investors hold a 13.15 percent stake in the company.
India Cements Limited is a cement company based in India engaged in manufacturing as well as marketing process of cement and cement-related products. It conducts operations under the brands, some of which include Coromandel King, Sankar Super Power, etc. Its
subsidiaries and associate companies are mainly involved in the business of power, trading, among others.
Written by Amit Madnani
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