DCM Shriram Con hits new high
By
Research Desk
about 11 years ago
DCM Shriram Consolidated hit a new 52-week high today at Rs.70.65, with an over 40 times jump in volumes. The stock remains strongly in the green at over 16.5%.
The stock is up after the company announced that its Board would be meeting on 22nd Feb for consideration of various options to reward shareholders, including share buybacks, bonus issue and dividends.
Financially the company has not done too well, with its net profit for Q3FY14 falling 27% (YoY) at Rs.44 crore on a 8% rise in net sales at Rs.1449 crore. Its cash profit for the quarter stood at Rs. 75 crore. The most enthusing part about its performance is that its Net debt as on Dec 31, 2013 stood at Rs. 474 crore vis-à-vis Rs. 1,385.9 crore on March 31, 2013.