ACC shares erase most of early gains; close nearly 1 pc higher

Shares of cement maker ACC Ltd on Wednesday closed the day nearly 1 per cent higher.

In early trade, it jumped nearly 5 per cent after the company reported a 23.74 per cent increase in consolidated net profit for the third quarter ended September 30,2021.

The stock after opening in the green further jumped 5 per cent to Rs 2,357.95 during the day on the BSE. It closed at Rs 2,263.20, up 0.79 per cent.

On the NSE, it gained 0.79 per cent to close at Rs 2,260.55.

Cement maker ACC Ltd on Tuesday reported a 23.74 per cent increase in consolidated net profit to Rs 450.21 crore for the third quarter ended September 30, 2021.

The company, which follows the January-December financial year cycle, had posted a profit of Rs 363.85 crore in the same quarter a year ago, it said in a BSE filing.

Total revenue from operations of ACC, a subsidiary of Swiss building material major Holcim group (earlier LafargeHolcim),rose 5.98 per cent to Rs 3,749 crore from Rs 3,537.31 crore earlier.

ACC Managing Director and CEO Sridhar Balakrishnan said, ''ACC has recorded solid performance during the quarter through operational excellence and focus on sustainability while meeting customers' needs.'' The earnings were announced after market hours on Tuesday.

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