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JK Lakshmi Cement's stock rose 28% this month, due to these reasons reached record high

JK Lakshmi Cement Share Price: Shares of JK Lakshmi Cement gained nearly 4 per cent in intraday on BSE on Wednesday, November 30 to reach a record high of Rs 712.15. At 12.30 pm, the stock gained 2.21 percent and is trading around Rs 771. The stock has gained 28 per cent so far in the month of November. The stock has also climbed above its 52-week high of Rs 683.85, which it touched on September 20, 2022. On the other hand, JK Lakshmi Cement's stock has gained almost 57 per cent in six months and has given 10 per cent return in one year.

Sales increased in September quarter, profit decreased

During the quarter ended September 2022, the company's net sales increased by 16 percent year-on-year to reach Rs 1,303 crore. However, profit declined by 22.7 per cent to Rs 59.62 crore due to increase in input cost. The company said its profitability has been under pressure due to increase in fuel cost globally. However, the company has managed to offset this by improving its operational efficiencies, increasing volumes, improving product mix and increasing sales of premium products.

What is brokerage says?

However, analysts believe that the results have been better than expected. This was mainly supported by 17 per cent rise in annual basis realizations to Rs 5,651 per tonne (up 1.5 per cent quarter-on-quarter).

At the same time, ICICI Securities is expected to increase movement in cement stocks. The brokerage firm said that it is positive on JK Lakshmi Cement stock.

According to the brokerage, the recent commissioning of 10 MW WHRS (taking the total capacity to 33 MW) in view of high fuel prices has helped the company reduce cost pressure. However, the stock price has moved above the brokerage's target of Rs 640.

Disclaimer: The views and investment advice expressed here are the personal views and opinions of investment experts. StockPro advises users to consult certified experts before making any investment decision.

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