Mangalam Cement surged 13% to Rs 330, also its 52-week high on the BSE. The company posted net profit of Rs 22.59 crore in Q1FY17 against a net loss of Rs 18.91 crore in a year-ago quarter.
JK Cement too hit fresh 52-week high of Rs 815, up 9% on the BSE in intra-day trade. The Kanpur-based company reported net profit of Rs 61 crore in Q1FY17, as compared to Rs 1 crore in Q1FY16.
Meanwhile, total 12 cement companies so far declared their Q1 results, reported 55% year on year jump in aggregate net profit at Rs 1,675 crore. These companies had a combined profit of Rs 1,080 crore in Q1FY16.
The market analysts believes the demand outlook for cement sector remain strong on the back of pick-up in infra spending and improving outlook for rural demand driven by better monsoons.