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BUZZ-India's Ambuja Cement falls on lower Dec-qtr sales
February 21, 2017 / 4:24 AM / 10 months ago

BUZZ-India's Ambuja Cement falls on lower Dec-qtr sales

** Shares of Ambuja Cement fall as much as 2.8 pct to 232.75 rupees, posting biggest intraday percentage drop since Dec. 12

** The cement maker said on Monday its Dec-qtr net sales fell 6.8 percent (bit.ly/2mguZHE)

** Revenue declined given lower cement volumes, while weak prices impacted Ambuja’s operations across regions, particularly eastern India, Morgan Stanley analysts write

** “We expect a pickup in volume momentum in the ensuing quarters, helped by improving demand trend, though it will continue to lag the growth of large peers,” - Morgan Stanley analysts

** Up to Monday’s close, stock has gained about 16 pct this year

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