Shares of DCM Shriram Ltd jumped over 10% in early trade on October 31, following the company’s stellar Q2 earnings report. The firm posted a consolidated net profit of Rs 62.92 crore for the September quarter, marking a sharp 95% year-on-year increase from Rs 32.24 crore in the same period last year. This earnings boost comes as the company’s total income rose 11.8% to Rs 3,183.98 crore, while expenses grew by a more modest 10.3% to Rs 3,088.21 crore.
As of 11:24 am, DCM Shriram’s shares had moderated to Rs 1,091.45 on the NSE, up 4.4% from the previous session’s close, as initial gains were pared back.
In line with its growth and sustainability strategy, DCM Shriram’s board approved several new investments, including an equity investment of up to Rs 60 crore for acquiring up to a 28% stake in one or more special purpose vehicles (SPVs) to develop a 68 MW wind-solar hybrid power project. The board also sanctioned Rs 23 crore for a renewable energy initiative in Kota, Rajasthan, and an additional Rs 310 crore for establishing a 100 TPD aluminum chloride facility and a 225 TPD granulated calcium chloride facility at Jhagadia, Bharuch.
The company declared an interim dividend for FY25 at Rs 2 per equity share, with a record date of November 11, ensuring eligible shareholders receive their dividends by November 28, 2024.
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Source: Moneycontrol
News Desk
