India's ACC says Oct-Dec net down 49 pct, meets expectations

MUMBAI Thu Feb 7, 2013 3:52pm IST

Stocks

   

MUMBAI Feb 7 (Reuters) - ACC Ltd, controlled by Swiss group Holcim, the world's second-largest cement producer, reported a 49 percent fall in net profit for the Oct-Dec quarter, meeting analyst expectations.

ACC, India's No. 2 cement maker, reported a net profit of 2.39 billion rupees compared with 4.7 billion rupees a year earlier, meeting market estimates of 2.4 billion rupees, according to Thomson Reuters I/B/E/S.

The year-ago number included an exceptional gain for tax write-back of 1.29 billion rupees. Excluding this, profit would have fallen 30 percent.

Earlier, Morgan Stanley downgraded ACC to "equalweight" from "overweight", while cutting its view on the cement industry to "in-line" from "attractive." (Reporting by Aditi Shah; Editing by Prateek Chatterjee)

Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Republic Day