Trend

Cash for Clinker

As Star Cement’s stock price heads south, promoters sell shares worth ₹290 million

Economic gloom has not spared any industry and that includes something as core as cement. The sector is battling weak demand and despite its leadership position in the North East region, Star Cement has logged weak financial performance in FY20. While sales and profit recovered in the second quarter, its first quarter performance has left a dent. Subdued cement prices, elevated fuel cost and erratic monsoon are just a few factors that are hurting Star Cement’s financials. This is also reflecting in its stock price, which has corrected nearly 35% on the back of institutional selling from its 52-week high of Rs.137 in June.