Mumbai: Shares of ACC Ltd on Thursday fell 1.81 per cent in morning trade on the bourses after the cement maker's consolidated net profit for the July-September quarter halved to Rs 119 crore.
Lower realisations on the back of sluggish market conditions halved cement-maker ACC Ltd's consolidated net profit for the July-September quarter at Rs 118.90 crore. The company had clocked Rs 241.96 crore net profit in the corresponding quarter last fiscal.
Reacting to the numbers, shares of ACC opened on a weak note and then slumped 1.81 per cent to Rs 1,152.25 on the BSE.
On the National Stock Exchange, shares of ACC opened at Rs 1,145.15, then declined 1.80 per cent to Rs 1,136.25.
Market experts said the decline in the counter was largely because the company's September quarter earnings were below market expectations.
Sales turnover of the company also fell to Rs 2,508.65 crore during the reporting quarter compared to Rs 2,542.37 crore a year ago.
"Overall, the macro-environment continued to be dull and characterised by slow industrial and agricultural growth, rising prices and volatile foreign exchange rates," ACC Ltd said.
Meanwhile, the broader market was trading in the positive territory with significant gains. At 1059 hours, the 30-share benchmark index Sensex was trading at 20,968.16, higher by 200.28 points.
