Star Cement surges; receives Rs. 115 crore in subsidy
Star Cement was buzzing on the bourses on Thursday as the company announced that it has received Rs. 115.18 crore from the central government towards freight subsidy claims and another Rs. 42.55 crore is expected to be received shortly.
Star Cement is an eastern and northeastern India focused cement manufacturer. The company is the largest manufacturer of cement in North Eastern Region. The company has a presence in 10 states of India with more than 2,000 dealer and more than 9,000 retailers as part of its distribution network.
Meanwhile, the company's consolidated net profit was at Rs 82 crore for the quarter ended December 2018, as against Rs. 90 crore in the same period last year. Revenue during the quarter increased to Rs. 415 crore as against Rs. 373 crore in Q3FY18.
Following this development, the stock surged up close to10 per cent and hit an intraday high of Rs. 109.90 per share. At 11:46 hours, the stock of Star Cement was quoting Rs. 104.80 per share, up by 4.70 per cent, when the benchmark index BSE Sensex was cooling off at 37,771.70, up marginally by 19.53 points or 0.05 per cent on Thursday.