Prism Cement gains as unit acquires 50% stake in Small Tiles

Byyyp

Updated 2011-11-23

Prism Cement rose 0.11% to Rs. 43.85 at 14:26 IST on BSE after the company said, a division of the company -- H&R Johnson (India) -- has entered into joint venture with Small Tiles, a manufacturer of ceramic glazed floor tiles.
 
The company made this announcement during trading hours today, 22 November 2011.

Meanwhile, the BSE Sensex was up 204.17 points, or 1.28% to 16,150.27.

On BSE, 29,000 shares were traded in the counter as against average daily volume of 2.93 lakh shares in the past one quarter.

The stock hit a high of Rs. 44.45 and a low of Rs. 43.80 so far during the day. The stock had hit a 52-week low of Rs. 39 on 19 October 2011. The stock had hit a 52-week high of Rs. 59.85 on 27 April 2011.

The mid-cap stock had outperformed the market over the past one month till 21 November 2011, rising 5.8% compared with the Sensex's 5% fall. The scrip had also outperformed the market in past one quarter, gaining 7.48% as against 1.21% decline in the Sensex.

The company's equity capital is Rs. 503.36 crore. Face value per share is Rs. 10.

Prism Cement said its division H&R Johnson (India) has acquired 50% stake in Small Tiles. According to the joint venture, Small Tiles will manufacture and supply tiles to H&R Johnson (India). These tiles would primarily be focused in the Northern, Central, Eastern regions of India and the overseas market, Prism Cement said in a statement.

Commenting on the development, Mr Vijay Aggarwal, MD, Prism Cement said, We are very happy and look forward to this new association. Joint Ventures have played an instrumental role in our growth and we already have four tile joint ventures running successfully over the past few years. This would be the fifth tile joint venture and Small Tiles will now be supplying glazed floor tiles to us. Floor tiles have been growing at a healthy rate in India and this joint venture would enable us to cater to the growing demand.

H&R Johnson (India), a division of Prism Cement, offers end-to-end solutions of tiles, bath products and kitchens product categories.

Prism Cement reported a net loss of Rs. 79.09 crore in Q2 September 2011, compared with net profit of Rs. 4.60 crore in Q2 September 2010. Net sales rose 33.1% to Rs. 997.49 crore in Q2 September 2011 over Q2 September 2010.

Prism Cement is one of India's leading integrated building materials companies with a wide range of product from cement, ready-mixed concrete, tiles, bath products to kitchens.

 

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