Ambuja cement gains on merger
Shares of the cement manufacturer opened in the red after it reported a 45 per cent fall in consolidated net profit for the fourth quarter ended December 31, 2016 at Rs 56 crore on the back of a drop in revenues.
ACC, which follows January-December as fiscal year, had reported a net profit of Rs 102 crore for the corresponding quarter last fiscal. The company announced its financial results on Friday post market hours.
Its net sales for the quarter stood at Rs 2,672 crore against Rs 2,846 crore reported for Q4 of 2016, registering a decline of 6.11 per cent.
Ambuja Cement was trading 4.10 per cent up at Rs 238.65 around the same time. Shares of the company opened at Rs 233.50 and touched a high and low of Rs 242.65 and Rs 228.60 in trade so far.