NEW DELHI Cement maker Ambuja Cements Ltd (ABUJ.NS) reported a forecast-beating 6.6 percent rise in quarterly profit on higher sales, and expects a revival in the economy after ongoing elections ending on May 16.
"Although macroeconomic condition remains challenging, construction activity is expected to pick up pace after elections," the company, India's third-largest cement maker, said in a statement late on Thursday.
Ambuja, controlled by Switzerland's Holcim Ltd HOLN.VX, the world's second-largest cement producer, reported a net profit of 5.20 billion rupees ($85.2 million) for the first quarter ended March 31, compared with 4.88 billion rupees a year earlier.
Analysts on average had expected the company to post a profit of 3.62 billion rupees according to Thomson Reuters I/B/E/S.
Net sales for the quarter rose about 4 percent to 26.4 billion rupees from a year earlier. ($1 = 61.0550 rupees)
(Reporting by Aditi Shah; Editing by Anand Basu)
India investigates damage caused by French submarine data leak
SYDNEY/NEW DELHI India is investigating the extent to which secrets about French Scorpene submarines being built in the country have been compromised, its defence ministry said on Wednesday, after a leak of documents relating to its combat capabilities.
U.S. oil falls 2 pct on surprise build in crude stocks
LONDON U.S. oil prices fell more than 2 percent on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years.
Sensex edges up but caution prevails ahead of Fed comments
Indian shares closed slightly higher on Wednesday, led by drug maker Aurobindo Pharma Ltd after stellar quarterly results, but sentiment remained edgy as investors awaited further cues on whether the U.S. Federal Reserve will raise interest rates this year.