Shree Cement share price corrects 3% after poor Q2 show: Buy, Sell or Hold? Check what brokerages recommend

Shree Cement Limited (NSE: SHREECEM) share price tanked more than 3 per cent after investors' sentiment turned negative following the poor second quarter business earnings. The stock quoted a price of Rs 20,534 after declining 3.11 per cent on NSE at 10:45 AM.

Earlier on Friday, the cement manufacturer reported a 67 per cent fall in standalone net profit at Rs 189 crore in the September quarter of FY23, as against a profit of Rs 578 crore recorded a year ago. On a sequential basis, the profit dropped 40 per cent from Rs 316 crore earned during the previous quarter.

The Kolkata headquartered company in a regulatory filing said that the gross revenue from operations stood at Rs 5,081.75 crore against Rs 4,219.8 crore in the year-ago period. Total expenses were higher at Rs 3,956.9 crore compared to Rs 2,798.3 crore with power and fuel cost at Rs 1,377.79 crore, up from Rs 726.75 crore a year ago, the company said.

Shree Cement Share Price - Brokerages' Targets 

After the second quarter result, brokerages have reduced ratings on Shree Cement stock.

Shree Cement share price has yielded a negative return of 20 per cent to its investors in the past 6 months.

The stock is available at a discount of 30 per cent from its 52-week high of Rs 29,818.90. The 52-week low is Rs 17,865.20. Currently, the company's market cap is around Rs 76448 crore, according to the NSE website.

Shree Cement in a separate filing also said that its board has accepted the resignation of its long-serving Chairman Benu Gopal Bangur due to his 'advanced age' and will now become Chairman Emeritus with effect from October 15, 2022.

The board also approved the elevation of Managing Director Hari Mohan Bangur as its chairman, effective October 15, 2022, for the remaining period of his current tenure up to March 31, 2026, subject to shareholders' approval.

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