Mangalam Cement grows 5.3% after promoter buys stake in company

01 Apr 2022 CW Team

Mangalam Cement increased 5.3% in early trade on Thursday after the company's promoter Vidula Consultancy Services bought 2.26 lakh equity shares of the firm through open market transactions.

Following the development, Vidula Consultancy’s shareholding in the firm reached 9.92% from 9.1% earlier. The cement player’s counter increased to a high of Rs 399.20 compared to Rs 379.05 at the previous close on the National Stock Exchange (NSE).

The firm registered a net profit of Rs 14.0930 crore for the period ended December 31, 2021, compared to a net profit of Rs 32.7050 crore for the period ended December 31, 2020. Mangalam Cement recorded earnings per share of Rs.5.12 for the period ended December 31, 2021, as against Rs 11.89 for the period ended December 31, 2020. As per the reports, Mangalam Cement recorded total revenue of Rs 1133.8065 crores during the nine months ended December 31, 2021, as against Rs 911.6649 crores during the nine months ended December 31, 2020.

In January 2022, Managalam Cement’s board sanctioned the allotment of 8,03,518 fully paid-up equity shares of Mangalam Cement of the face value of Rs 10 each to eligible shareholders of Mangalam Timber Products in a share exchange ratio of 1:22.

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Also read: An overview of The 7th Indian Cement Review Conference & Awards 2021

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