Meanwhile, BSE Sensex was down 173.32 points or 1.19% at 14,471.94 on weak global cues. US stocks sank on Monday, 18 August 2008, as the prospect of more losses from the mortgage crisis hurt the shares of banks and the two biggest home finance providers, pushing all three major indexes down about 1.5%.

On BSE, 1.81 lakh shares were traded in the counter. The scrip had an average daily volume of 51.69 lakh shares in the past one quarter.

The stock hit a high of Rs 82 and low of Rs 80 so far during the day. The stock had hit a 52-week high of Rs 160.90 on 4 December 2007 and 52-week low of Rs 68.70 on 3 July 2008.

India’s second largest cement maker by sales had underperformed the market over the past one-month till 18 August 2008, sliding 3.20% compared to the Sensex’s 7.41% gain. It had also underperformed the market in the past one quarter, falling 27.73% compared to Sensex’s 16% fall.

The company’s current equity is Rs 304.52 crore. Face value per share is Rs 2.

The current price of Rs 80.50 discounts its Q1 June 2008 annualised EPS of Rs 15.16, by a PE multiple of 5.31.

Ambuja Cements is one of the few domestic cement makers having expertise in using sea routes for transporting cement. The Gujarat-based company has recently taken one more terminal in south at Mangalore (Karnataka), the second one after Cochin (Kerala) in an attempt to corner a portion of the fastest growing cement market in the country.

Meanwhile some other reports stated that Ambuja Cements will raise cement prices by Rs 20 per 50 kg bag in two tranches. The first hike is expected to be effective from October 2008 while the second one will come in early January 2009.

Ambuja Cements is engaged in manufacturing and marketing cement and clinker for both domestic and exports markets. It is north India’s largest cement maker in terms of sales.

The company’s net profit declined 32.50% to Rs 577.02 crore on 8.20% rise in sales to Rs 1569.77 crore in Q2 June 2008 over Q2 June 2007.