JK Cement gains after grinding unit at MP facility goes on stream

JK Cement shares gained half a percent in the morning trade on November 28 after the company put on stream a 1.5-million-tonne-per-year grinding capacity.

JK Cement’s unit JK Cement Works, Ujjain, has installed the grinding unit at its newly set-up cement manufacturing facility in Madhya Pradesh.

At 9.25 am, shares of the company were trading at Rs 3,543.2, higher by 0.43 percent from the closing price of the previous session.

Shares of the firm have so far zoomed 18.47 percent, while the benchmark Nifty 50 has surged 8.78 percent.

The cement major posted a consolidated profit of Rs 178.1 crore, higher by 58.5 percent over last year on robust operating performance. Consolidated revenue from operations grew 23 percent on-year to Rs 2,753 crore, compared to the corresponding quarter in the previous fiscal year.

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The company’s green power mix for the base year in FY20 was 19 percent and, as of the second quarter of FY24, it had a green power mix of 48 percent, reflecting the cement player’s shift towards clean energy sources. Capacities utilised were 75 percent, and the net sales realised by the cement player for the quarter were Rs 4.985 per tonne, with premium products making up 13 percent of total sales.

The promoter holding remained unchanged at 45.8 percent in the quarter ended September. FIIs and DIIs held 14.4 percent and 24.3 percent. Of the DIIs, mutual funds held 23.02 percent, with the number of schemes rising to 31 from 29 on a sequential basis. The public held 15.54 percent of the company’s shares.

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