ACC shares plummet by 5 percent

Bangalore: ACC shares went down by 5.08 percent, which was in line with the performance of Sensex that finished in the red on Wednesday. After opening at Rs. 804.35, the stock went down by 40.45 to end the day at Rs. 756.55, which was slightly higher than the day's low of Rs. 752.15. A total volume of 222,668 shares were traded through the day, with the current P/E ratio of the stock at 9.63. The 52 week stock price chart is on the left.

ACC is an India-based company engaged in the manufacturing of cement. Swiss cement maker Holcim holds more than 46 percent stake in the company. During the year ended December 31, 2008, the company produced 20.83 million tons of cement. Recently, ACC had allotted 5,400 shares against exercise of Employee Stock Options under the ESOS Scheme. Consequently, the paid up share capital of the company had increased from 18,76,96,022 shares to 18,77,01,422 shares of Rs. 10 face value.

Currently, out of the 33 analysts following the stock, the consensus recommendation is underperform, with 12 analysts suggesting that the stock will underperform. While eight analysts recommend to sell the stock, seven suggest to hold. SBI Magnum Tax Gain Scheme holds the highest number of shares in ACC with 819,595 shares.