Grasim Q1 net rises 24% on firm cement prices

Grasim Q1 net rises 24% on firm cement prices

By SiliconIndia   |   Monday, 28 July 2003, 07:00 Hrs
Printer Print Email Email
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.

Write your comment now
Submit Reset