Orient Cement shares fell as much as 10 per cent in the early trade on Thursday after the company on Wednesday reported net loss of Rs 13.07 crore for the quarter ended December 2015 against net profit of Rs 31.10 crore in the corresponding quarter a year ago.
At 9.30 am, Orient Cement shares were trading 7.50 per cent down at Rs 132. The scrip opened at Rs 130 and had touched a high and low of Rs 139.45 and Rs 128.95, respectively, in trade so far. Sensex was up 192 points, or 0.79 per cent , at 24,415.31.
The share price of the company settled 3.29 per cent down at Rs 138.
“As this is the first quarter in which the new Greenfield plant in District Gulbarga (Karnataka) has been operational, the company has booked finance costs and depreciation on this new investment of around Rs 2,000 crore, resulting in a net loss of Rs 13 crore,” the company said in a statement.
The statement said the company has reported volume growth of 2.2 per cent YoY and net sales of Rs 351 crore. The firm had reported a net sales of Rs 383 crore in the corresponding quarter a year-ago.
(With agency inputs)