ACC’S shares gain on Q2 results; Should you buy, hold or sell the stock-
ACC’s stock price surged nearly 2% to Rs 1,936, a day after the Adani Group cement company posted a consolidated net profit of Rs 388 crore for the second quarter of FY24, buoyant on an improved demand for its premium products and operational efficiencies. In comparison, the company had posted a net loss of Rs 87 crore a year ago. The company’s revenue rose 11.2% to Rs 4,435 crore from Rs 3,987 crore in Q2FY23. The cement manufacturer had posted a net profit of Rs 466 crore in the sequential quarter ended June.
The share price of ACC fell 7.18% in the last five days and 7.135% in the last one month, while it gained 7.14% in the last six months, whereas it dropped 18.88% in the last year.
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Should you buy, sell or hold ACC shares?
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Reliance Industries bets big on AI, green energy but no word on IPO timeline for Jio, retail business
The 47th Reliance Industries AGM, since its IPO, was perhaps the most anticipated event this week. While the market was expecting some kind of announcement and indication with respect to IPO timelines for Jio and retail business, RIL Chairman and Managing Director did not refer to it in his hour-long address. What he did mention was the growth timeline and said he expects revenue for both verticals to double over next 3-4 years.
Jio, retail business revenue to double in 3-4 years
Outlining Jio’s growth trajectory, Ambani said that, “Jio is poised to be a cornerstone of India‘s digital future.” He expects, “Jio and Retail to double their revenues and EBITDA in the next 3-4 years.I see immense growth potential in our media business.”
One of the key reasons why expectations about the IPO timelines for Reliance Retail and Jio were pretty high was primarily because during the Reliance AGM in 2019, there was a declaration that Jio…