Investors opted for profit booking in shares of The Ramco Cements on November 10, a day after it reached a 52-week high of Rs 1,040 per share on November 9, 2023.
The stock experienced a 5% slump, reaching the day’s low at Rs 970 per share on November 10, despite the company posting robust results for the July-September quarter (Q2FY24). The S&P BSE Sensex was down 142 points or 0.2%, reaching 64,689 levels, as of 10:30 am.
Over the last three months, the stock of this South-based cement producer has witnessed a notable surge of 17%, in contrast to the 1% decline observed in the benchmark Sensex.
Ramco Cements reported a nearly ninefold growth in second-quarter profit, reaching Rs 101 crore, driven by robust housing sales and steady infrastructure spending that surpassed increased expenses.
The company’s revenue from operations also saw a significant uptick of about 31% YoY, totaling Rs 2,300 crore, primarily due to higher input prices and increased transportation costs. At the time of reporting this article, the shares were trading 7.37% lower at ₹200.95.
