Prism Cement shares surge over 14% in today’s trade, here is why

By: | Published: June 29, 2016 5:09 PM

Shares of Prism Cement closed 14.50 per cent up at Rs 112.95. The scrip opened at Rs 98.70 and has touched a high and low of Rs 117 and Rs 98.40, respectively, in trade.

bse sensex nse nifty prism cementShares of Prism Cement closed 14.50 per cent up at Rs 112.95. The scrip opened at Rs 98.70 and has touched a high and low of Rs 117 and Rs 98.40, respectively, in trade so far. (Express photo by Ganesh Shirsekar)

Prism Cement shares surged over 14 per cent on Wednesday after the company informed bourses that it has successfully bid for 120,000 tonnes per annum of coal from South Eastern Coalfields (A subsidiary of Coal India) in a recently held auction of coal linkages for the cement industry.

The share price of the company closed 14.50 per cent up at Rs 112.95. The scrip opened at Rs 98.70 and has touched a high and low of Rs 117 and Rs 98.40, respectively, in trade.

The Company has secured part fuel requirement for the next 5 years. This allocation by CIL has been made at floor price.

For the quarter ended March 31, 2016, Prism Cement reported a net profit of Rs 61.88 crore, down 0.02 per cent, against Rs 61.89 crore in the corresponding quarter a year ago.

Prism Cement is one of India’s leading integrated Building Materials Company, with a wide range of products from cement, ready-mixed concrete, tiles, bath products to kitchens.

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