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ACC gains as CLSA upgrades EPS after strong show in Q3

Consolidated net sales stood at Rs 3,464.43 crore for the period under review.

ETMarkets.com|
Oct 16, 2019, 01.25 PM IST
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BCCL
cement
The stock was trading at Rs 1,522, up 1.6 per cent on BSE.
Shares of ACC traded with gains in Wednesday's session after the cement maker reported robust growth in profit for the September quarter. Consequently, it saw an EPS upgrade from CLSA.

ACC on Tuesday reported a 44.66 per cent rise in consolidated net profit at Rs 302.56 crore for the third quarter ended September 30, 2019. The company had posted a net profit of Rs 209.14 crore in the corresponding period of the previous fiscal.

Consolidated net sales stood at Rs 3,464.43 crore for the period under review, as against Rs 3,363.96 crore for the same period a year ago.

The result beat expectations, said CLSA. The global brokerage maintained its ‘buy’ rating on the stock. It also raised EPS (earnings per share) estimates by 3-4 per cent.

The brokerage sees pickup in demand and cement pricing as key drivers of the stock price. However, it expressed concerns over the impact of tough macro conditions as evident from a slight volume decline.

The stock was trading at Rs 1,522, up 1.6 per cent on BSE.

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