Shree Cement's profit jumps five-fold in Q2 FY20
Shree Cement Ltd on Saturday posted a five-fold rise in consolidated profit at Rs 313.30 crore for the quarter ended September 30, 2019. The company had posted a consolidated profit of Rs 63.77 crore in the year-ago period, it said in a filing to BSE. The consolidated total income of the company increased to Rs 3,063.08 crore, over Rs 2,907.02 crore in the year-ago period. It added that the board at its meeting on Saturday approved raising up to Rs 3,000 crore by way of issuance of equity shares. The board approved "raising of funds by way of issuance of equity shares...an aggregate amount not exceeding Rs 3,000 crore, subject to the necessary approvals including the approval of the members of the company through postal ballot and other regulatory/statutory approvals," the filing said.
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