Hot Pursuit     23-Mar-15
JK Lakshmi Cement drops after announcing OFS of stake in Udaipur Cement Works
JK Lakshmi Cement shed 2.78% to Rs 371 at 14:45 IST on BSE after the company, Florence Investech and JK Paper, part of the promoter group of Udaipur Cement Works submitted to BSE a notice of offer for sale of 4.18 crore shares in Udaipur Cement.

The announcement was made after market hours on Friday, 20 March 2015.

Meanwhile, the S&P BSE Sensex was down 53.82 points or 0.21% at 28,202.75.

On BSE, so far 93,264 shares were traded in the counter as against average daily volume of 43,966 shares in the past one quarter.

The stock hit a high of Rs 377.65 and a low of Rs 367.20 so far during the day. The stock had hit a record high of Rs 430 on 21 January 2015. The stock had hit a 52-week low of Rs 95.20 on 21 March 2014.

The stock had outperformed the market over the past one month till 20 March 2015, gaining 4.98% compared with the Sensex's 3.32% fall. The scrip had however underperformed the market in past one quarter, dropping 3.7% as against Sensex's 3.25% rise.

The mid-cap cement maker has equity capital of Rs 58.84 crore. Face value per share is Rs 5.

Shares of Udaipur Cement Works dropped 1.53% to Rs 13.52.

JK Lakshmi Cement said that JK Lakshmi Cement, Florence Investech and JK Paper, part of the promoter group of Udaipur Cement Works has submitted to BSE a notice of offer for sale of 4.18 crore shares of the face value of Rs 4 each, representing 14.18% of the equity share capital of the Udaipur Cement Works tomorrow, 24 March 2015, exclusively through the separate window provided by the BSE for this purpose.

JK Lakshmi Cement holds 75.46%, JK Paper holds 1.63% and Florence Investech holds 12.02% stake in Udaipur Cement Works as at 31 December 2014.

JK Lakshmi Cement's net profit rose 31.2% to Rs 18.48 crore on 10.2% rise in total income to Rs 562.63 crore in Q3 December 2014 over Q3 December 2013.

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