Financial

India: Ramco Cements' Shares Plunge as Q3 Results Miss Estimates

Ramco Cements, a leading cement company in India, witnessed a sharp decline in its share price

Ramco Cements, a leading cement company in India, witnessed a sharp decline in its share price, dropping over 8% following the release of its Q3 FY23 results. The company's profit for the quarter ending December fell short of the Street's projections, attributed to weaker demand and pricing, particularly in its primary market in south India.

The disappointing performance in the third quarter has impacted the market's confidence, leading to a significant decrease in the company's stock value. Despite this setback, ICICI Direct Research anticipates healthy volume growth in the future as Ramco Cements aims to achieve a cement capacity of 26 MTPA by FY26E.

The share price opened at an intraday high of ₹939.85 apiece on the BSE, reflecting the market's reaction to the unanticipated Q3 results.

Source: LiveMint

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