ACC Q2 net profit at Rs.351.24 Crores

ACC Ltd has announced the unaudited financial Results for the quarter ended June 30, 2007.

The Company has posted a profit after exceptional items & provision for taxation of Rs 3512.40 million for the quarter ended June 30, 2007 where as the same was at Rs 4132.40 million for the quarter ended June 30, 2006. Total Income (net of excise) is Rs 18962.50 million for the quarter ended June 30, 2007 where as the same was at Rs 14810.10 million for the quarter ended June 30, 2006.

The Board of Directors of the Company at its meeting held on July 19, 2007, inter alia, has approved payment of interim dividend at the rate of Rs 10/- per equity share of Rs 10/- each.

The company has reported an Earnings Per Share (EPS) of Rs.18.75 during Quarter ended June 30, 2007 compared to Rs.21.72 during Quarter ended June 30, 2006.

Pursuant to the Company entering into a Share Subscription Agreement with the Promoters of Shiva Cement Ltd (SCL), the Company has been allotted 14.5 Million Equity Shares of Rs 2 each and 22.7 Million Warrants (each warrant to be converted into one Equity Share of Rs 2 each) at a price of Rs 11 per share/warrant. The Company holds 11.6% of Share Capital of SCL. SCL has a plant in the strategic market of Orissa with capacity of 0.13 million tonne.

The Board had approved in the previous meeting transfer of RMX business to a wholly owned subsidiary, ACC Concrete Ltd., subject to Shareholders´ approval.

The stock was trading at Rs.1135, up by Rs.1.90 or 0.17%. The stock hit an intraday high of Rs.1156 and low of Rs.1119. The total traded quantity was 377552 compared to 2 week average of 393221.

Source : Equity Bulls

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