Sagar Cements hits the roof after declaring strong sales in March

capital market | Mumbai |

Sagar Cements was locked in 20% upper circuit at Rs 530.20 at 14:18 IST on BSE after the company's cement sales grew by 16% to 1.97 lakh tonnes in March 2016 over March 2015.

The announcement was made after market hours yesterday, 7 April 2016.

Meanwhile, the S&P BSE Sensex was down 53.54 points or 0.22% at 24,636.06

On BSE, so far 87,000 shares were traded in the counter as against average daily volume of 1,852 shares in the past one quarter. The stock hit a high of Rs 530.20 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 460.50 so far during the day. The stock had hit a 52-week low of Rs 305.10 on 25 August 2015. The stock had outperformed the market over the past one month till 7 April 2016, gaining 20.11% compared with 0.16% decline in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 1.14% as against Sensex's 0.67% fall.

The small-cap company has equity capital of Rs 17.39 crore. Face value per share is Rs 10.

Sagar Cements' cement production rose 42% to 2 lakh tonnes in March 2016 over March 2015. The company's subsidiary BMM Cements' cement sales rose 1029% to 42,280 tones in March 2016 over in March 2015. BMM Cements' cement production increased to 45,470 tonnes in March 2016 from 450 tonnes in March 2015.

Sagar Cements' net profit rose 173.7% to Rs 3.12 crore on 1% rise in total income to Rs 131.66 crore in Q3 December 2015 over Q3 December 2014.

Sagar Cements is engaged in manufacture of cement at its plant in Mattampally, Nalgonda District, Andhra Pradesh.

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