India Cements Ltd Share Price – NSE  /  BSE

Cement, Small Cap

The key equity indices ended with strong gains on Thursday, gaining for fourth day in a row. The Nifty closed above the 24,000 level after hitting day’s low of 23,805.40 in early trade. IT, oil & gas and auto stocks were in demand while media, PSU bank and pharma shares declined. Trading was volatile due to monthly F&O series expiry today.

As per provisional closing, the barometer index, the S&P BSE Sensex, was up 568.93 points or 0.72% to 79,243.18. The Nifty 50 index gained 175.70 points or 0.74% to 24,044.50.

The Sensex and Nifty clocked an all-time high of 79,396.03 and 24,087.45 respectively in late trade. Further, the Nifty Bank registered a life high of 53,180.75 in morning trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.28% and the S&P BSE Small-Cap index declined 0.90%.

The market breadth was weak. On the BSE, 1,429 shares rose and 2,427 shares fell. A total of 121 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.12% to 14.03.

IPO Update:

The initial public offer (IPO) of Vraj Iron and Steel received 7,66,91,880 bids for shares as against 61,38,462 shares on offer, according to stock exchange data at 15:25 IST on Thursday (27 June 2024). The issue was subscribed 12.49 times.

The issue opened for bidding on Wednesday (26 June 2024) and it will close on Friday (28 June 2024). The price band of the IPO is fixed between Rs 195 to Rs 207 per share. An investor can bid for a minimum of 72 equity shares and in multiples thereof.

The initial public offer (IPO) of Allied Blenders and Distillers received 71,03,99,068 bids for shares as against 3,93,71,669 shares on offer, according to stock exchange data at 15:25 IST on Thursday (27 June 2024). The issue was subscribed 18.04 times.

The issue opened for bidding on Tuesday (25 June 2024) and it will close on Thursday (27 June 2024). The price band of the IPO is fixed between Rs 267 to Rs 281 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index added 1.90% to 36,079.55. The index shed 0.06% in the previous trading session.

LTIMindtree (up 3.85%), Wipro (up 3.08%), Infosys (up 2.18%), Coforge (up 2.13%) and Persistent Systems (up 2.06%), Tata Consultancy Services (up 2.01%), Tech Mahindra (up 1.4%), L&T Technology Services (up 0.96%), Mphasis (up 0.88%) and HCL Technologies (up 0.72%) edged higher.

Stocks in Spotlight:

India Cements surged 11.09% while Ultratech Cement rallied 5.45% after Ultratech Cement decided to acquire 23% stake at a price of upto Rs 267 per share in India Cements.

Dr Reddy’s Laboratories advanced 2.72% after the firm’s wholly owned subsidiary, Dr. Reddy's Laboratories SA has entered into a definitive agreement with Haleon plc and its associate companies to acquire Nicotinell and related brands.

SJVN added 2.26% after its wholly owned subsidiary, SJVN Green Energy (SGEL), signed a memorandum of understanding (MoU) with AM Green Ammonia for the supply of renewable energy for the green ammonia plants in Andhra Pradesh.

JSW Energy added 3.71% after the company’s subsidiary, JSW Neo Energy has signed power purchase agreements (PPA) with Solar Energy Corporation of India (SECI) and GUVNL for wind and solar projects.

KEC International jumped 3.20% after the company announced that it has secured new orders worth Rs 1,025 crore across its various businesses.

Ramky Infrastructure gained 2.56% after the company received two contracts worth Rs 107 crore and Rs 23 crore from PowerGrid Energy Services.

Rail Vikas Nigam (RVNL) rose 1.17% after the company announced that its joint venture (JV), KRDCL-RVNL has received Letter of Acceptance (LoA) worth Rs 156.47 crore from Southern Railway.

Aurobindo Pharma shed 0.64%. The United States Food and Drug Administration (US FDA) inspected Telangana facility of Eugia SEZ, a 100% step-down subsidiary of Aurobindo Pharma from 19 February to 29 February 2024.

Genesys International Corporation jumped 5.25% after the company announced a strategic partnership with NNG, a leading automotive navigation and connected car technology solutions provider.

Global Markets:

European and Asian stocks traded lower on Thursday as technology shares tracked weakness in their U.S. peers following underwhelming guidance from chipmaking major Micron.

Chinese markets extended losses as lackluster industrial profit data and ongoing trade war anxieties dampened investor confidence. China's industrial profits rose a meager 0.7% year-over-year in May, down from 4.0% growth in April.

US stocks ended a smidge higher in choppy trade. Middling revenue outlook triggered a selloff in chip stocks. Investor sentiment remained cautious ahead of key U.S. data releases, including the PCE price index and the much-anticipated Presidential debate.

Micron plunged nearly 8% in extended trading. Despite exceeding quarterly earnings expectations, the company's revenue guidance for the current quarter fell short of investor hopes, raising concerns about the sustainability of the AI-fueled demand boom. This disappointment also spurred some profit-taking in the previously hot tech sector.

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Shivalik Bimetal Controls Ltd, Hindustan Foods Ltd, CESC Ltd and Orient Cement Ltd are among the other gainers in the BSE's 'A' group today, 26 June 2024.

India Cements Ltd surged 14.94% to Rs 263.55 at 11:47 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 26.27 lakh shares were traded on the counter so far as against the average daily volumes of 2.34 lakh shares in the past one month.

Shivalik Bimetal Controls Ltd soared 11.82% to Rs 608.3. The stock was the second biggest gainer in 'A' group. On the BSE, 63832 shares were traded on the counter so far as against the average daily volumes of 15633 shares in the past one month.

Hindustan Foods Ltd spiked 9.73% to Rs 556.95. The stock was the third biggest gainer in 'A' group. On the BSE, 2.07 lakh shares were traded on the counter so far as against the average daily volumes of 10904 shares in the past one month.

CESC Ltd jumped 8.72% to Rs 164.55. The stock was the fourth biggest gainer in 'A' group. On the BSE, 8.21 lakh shares were traded on the counter so far as against the average daily volumes of 2.69 lakh shares in the past one month.

Orient Cement Ltd advanced 8.32% to Rs 255.95. The stock was the fifth biggest gainer in 'A' group. On the BSE, 1.8 lakh shares were traded on the counter so far as against the average daily volumes of 58393 shares in the past one month.

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Revenue from operations declined 14.75% to Rs 1,266.65 crore in Q4 FY24 from Rs 1,485.73 crore in Q4 FY23.

The EBIDTA for the quarter excluding exceptional item was around Rs 72 crore as against the negative EBIDTA of Rs 26 crore in the same quarter of the previous year. There was an exceptional income of Rs. 16 crore representing profit on sale of land and the loss before tax was Rs 33 crore in the quarter.

The cement and clinker volume for the 4th quarter was 24.36 lakh tons as compared to 27.85 lakh tons in the same period of previous year.

The company said that it has been continuing its efforts towards disposal of non-core assets and as a part of this a piece of land has been sold during the quarter and further efforts are on for selling additional surplus lands to augment cash flow requirements and for funding the efficiency improvement plans.

On its outlook the company said, “After Lok Sabha Elections and Assembly elections in some States, the centre and States are expected to retain their focus on development agenda. The construction activity is expected to be brisk in the coming months driven by continued infrastructure spending by the Government, private sector housing and commercial segments. At the same time, increasing cost pressure, high cost of logistics and severe competition in the market are also hang over the head which will affect the margins.”

India Cements business of the company is of manufacturing and sale of cement and cement related products.

The scrip rose 1.23% to end at Rs 213.80 on Saturday, 18 May 2024. The market is shut on the occasion of voting in Mumbai for Lok Sabha elections.

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Net Loss of India Cements reported to Rs 60.55 crore in the quarter ended March 2024 as against net loss of Rs 226.90 crore during the previous quarter ended March 2023. Sales declined 14.75% to Rs 1266.65 crore in the quarter ended March 2024 as against Rs 1485.73 crore during the previous quarter ended March 2023.

For the full year,net loss reported to Rs 227.34 crore in the year ended March 2024 as against net loss of Rs 126.89 crore during the previous year ended March 2023. Sales declined 8.84% to Rs 5112.24 crore in the year ended March 2024 as against Rs 5608.14 crore during the previous year ended March 2023.

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