India's ACC says Oct-Dec net down 49 pct, meets expectations
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)
- Tweet this
- Share this
- Digg this
- In his native Alabama, Apple CEO's announcement he is gay prompts discomfort for some
- U.S. nurse defies Ebola quarantine with bike ride; negotiations fail
- Nurse defies Ebola quarantine with bike ride; negotiations fail |
- Islamic State fighters kill 220 Iraqis from tribe that opposed them
- PM Modi boots officials out of the first class cabin
The BSE Sensex and Nifty on Friday rose to their second consecutive record highs. The 30-share Sensex surged as much as 1.52 percent to an all-time high of 27,762.13. The broader Nifty gained as much as 1.49 percent to a record of 8,291.65. Full Article
China's shadow banking sector growing rapidly, third largest in world - FSB. Full Article