Shares of Star Cement rose over 8% on Monday after the cement maker reported its Q1 earnings. Net profit declined 67% to Rs 31 crore in the June quarter against Rs 93 crore in the corresponding quarter of the previous fiscal.
The stock gained 8% to Rs 215 against the previous close of Rs 199.15 on BSE. Revenue dropped 1% to Rs 751 crore in Q1 against Rs 760 crore in the June 2023 quarter. EBITDA fell 9% to Rs 117 crore in the last quarter against Rs 129 crore in the corresponding quarter of the previous fiscal. However, EBITDA margins fell to 15.6% in Q1 against 16.9% in the June 2023 quarter.
Earnings per share in the June 2024 quarter stood at Rs 0.77 against Rs 2.31 in the June 2023 quarter. Star Cement stock climbed 8% to Rs 211.80 on Monday against the previous close of Rs 199.15 on BSE. Market cap of the firm stood at Rs 8592.88 crore.
Star Cement stock clocked a turnover of Rs 2.75 crore after 1.44 lakh shares changed hands on BSE today.
The stock is trading in a bullish zone, above its 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages. This also indicates there are more buyers than sellers for the stock in both short and long term.
The stock is trading in the neither in the overbought nor in the oversold zone, indicates its relative strength index (RSI). RSI of the cement stock stood at 34.5. A RSI of 70 and above indicates the stock is trading in the overbought zone.
Star Cement is an India-based cement company in North-Eastern India. The company is engaged in the manufacture of cement, cement clinker, and generation of pawer. It operates through segments: Cement and Power.