DCM Shriram share price saw a surge of more than 7 per cent in today’s trade. The share price made an intraday high of Rs 217.95 from the day’s opening price of Rs 203.00. The previous day closing of the share price is Rs 201.40.
DCM Shriram reported 48 per cent increase in its net profit at Rs 92 crores for the quarter ended September on improved sugar prices and better performance of bioseeds business. Its net profit stood at Rs 62 crores in the year-ago period, the company said in a statement. Total revenue of the company, however, fell by 2.6 per cent to Rs 1,446 crores in the second quarter of 2016-17 fiscal from Rs 1,484 crores in the corresponding period of last year.
The company attributed the second year earnings growth to improvement in sugar prices, better performance of the verticals of bioseed business and reduction in financial costs. DCM Shriram is engaged in the field of sugar, fertilizer, seeds, chloro vinyl and cement businesses among others.
Commenting on the second quarter performance of the company, Chairman and Senior Managing Director Ajay Shriram and Vice Chairman and Managing Director Vikram Shriram said that the Company has delivered encouraging performance in the second quarter of FY17. The steps taken over the last two years to improve cost structures and expand volumes in its key businesses have contributed to the sustained improvement in the performance.
The capacity expansion as well as technology up-gradation project at Bharuch, commissioned in phases since the month of June 2016, is expected to be fully commissioned in the month of November 2016. The Sugar co-gen capacity expansion/efficiency improvement project will also be commissioned in the month of November 2016. Both these projects will contribute to improved performance going forward.
DCM Shriram share price is currently trading at Rs 214.85, up by 6.68 per cent.
DCM Sriram is the Multibagger stock of the month as recommended by Dynamic Levels. For the support and resistance levels of DCM Sriram, please visit DCM Sriram share price history page of Dynamic Levels.
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