Ramco Cements Share Price Drops After Quarterly Numbers Disappoint Dalal Street
Ramco Cements stock was trading nearly 3 percent lower after the company reported 32 percent decline in quarterly net profit. The company reported Rs 74.4 crore in net profit for the quarter, lower than analyst expectation of Rs 125 – 135 crore. The earning disappointment could lead to further decline in stock valuations.
Ramco Cements margins were lower at 15.3 percent compared to analysts’ prediction of 17 percent. The company has surely missed the earnings in the latest quarter. The sales were up by 26.3 percent at Rs 2246 crore but the margins are under pressure. The company could see further decline in valuations as the stock was hovering around 52-week highs.
The share price was down by almost three percent after the results were announced. The stock was trading at Rs 852. The stock touched intraday high and low of Rs 879 and 841 respectively.
The stock could see further downside in the coming sessions as markets are not forgiving lower performance. As the results are lower than expectations, we can also see downgrades for the counter.