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Grasim Q1 net rises 24% on firm cement prices
By siliconindia
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Monday, 28 July 2003, 19:30 IST
Grasim Industries Ltd, the nation's third largest cement maker, said on Monday that its net profit in the June quarter rose 24 per cent from a year earlier on higher cement and sponge iron prices.
Grasim, which recently announced a proposal to buy a 51 per cent stake in rival Larsen & Toubro Ltd's cement business after it is spun off, said it earned Rs 1.31 billion in the fiscal quarter ended June 30.
MUMBAI: Grasim, part of the Adiyta Birla group, is expected to have sold about eight per cent more cement in April-June, beating the industry's growth of about four per cent, even though a truckers' strike in April hampered cement shipment.
Grasim's shares rallied about 52 per cent in the past quarter, outpacing a 18.3 per cent increase in main Bombay share index.