Why ACC Shares Jumped Back In The Green Even As Other Adani Group Stocks Continue To Struggle

Shares of ACC jumped in the green on Thursday afternoon even as all other Adani Group stocks were down in the red.

What Happened: The surge today comes as the cement major posted its earnings for the quarter ended September on Thursday afternoon. The company’s standalone net profits swung back into the green territory in this quarter at ₹384 crore. The company had booked a ₹91.09 crore loss in the September quarter of 2022.

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Revenue for the September quarter came in at ₹4,434 crore, up 11% from the ₹3,987 crore reported in the same quarter last year. EBITDA for the period stood at ₹549 crore with an EBITDA margin of 12.4%. Earnings per share for the quarter came in at ₹20.46.

The Adani Group stocks are under pressure today after reports of an inquiry launched by India’s National Financial Reporting Authority into the actions of EY, the auditor of the Adani Group.

Price Action: ACC’s share price was up 0.24% at ₹1,895.60 in the late hours of trading on Thursday.

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Posted In: EarningsEquitiesNewsMarketsMoversTrading IdeasACCAdani Group