DCM Shriram shares skyrocket 10% on as Q2 net profit almost doubles

DCM Shriram shares rose 16.57% over the past 12 months.

Shares of DCM Shriram surged over 10 percent in the morning session on October 31 after its net profit for the September quarter surged 95 percent on-year.

DCM Shriram posted a consolidated net profit of Rs 62.92 crore in Q2 FY25, marking a 95.16 percent rise from Rs 32.24 crore in the same period last year.

The firm's total income increased by 11.8 percent to Rs 3,183.98 crore, while expenses grew 10.29 percent to Rs 3,088.21 crore.

At 11.24 am, DCM Shriram's shares had pared a lot of their gains to quote Rs 1,091.45 on the NSE, up 4.4 percent from the previous session's close.

Follow our live blog to catch all the updates

DCM Shriram's board has approved an equity investment of up to Rs 60 crore, acquiring as much as a 28 percent stake in one or more SPVs for a 68 MW wind-solar hybrid power project.

The board also cleared Rs 23 crore in capital expenditure for a renewable energy project in Kota, Rajasthan. Additionally, it approved Rs 310 crore in capex to establish a 100 TPD aluminium chloride facility and a 225 TPD granulated calcium chloride facility in Jhagadia, Bharuch.

The company also declared an interim dividend for FY25 of Rs 2, per equity share of the face value of Rs 2 each. The record date for the dividend is November 11, and all eligible shareholders  will receive their dividends on or before November 28, 2024.

DCM Shriram shares rose 16.5 percent over the past 12 months, as against a 27 percent jump in the frontline Nifty 50 index.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.