Shares of Prism Johnson surged over 15 percent on September 26 due to a spurt in volume. So far in the day, over 4 crore shares of the company changed hands on BSE and NSE combined, compared to the one-month trading volume of one crore shares.
Earlier this month, when the shares saw a similar sharp upmove, BSE sought clarification from the company regarding the unusual volume movement.
The company in its response said, "There is no information/announcement, including impending announcement, to be made by the Company which, in our opinion, may have a bearing on the price/volume behaviour in the Company’s scrip. Hence, we are unable to comment on the significant increase in the volume of the Company’s security at your Exchange in the recent past."
The management of the company is in no way connected with any such volume increase, Prism Johnson said, adding that as in the past, the company would continue to inform the exchanges of any price-sensitive information and to make it available on the company’s website, before the same is made public.
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Prism Johnson is among India’s largest integrated building materials companies, offering products ranging from cement and ready-mixed concrete to tiles and bath products. For the quarter ended June 2024, the company posted a loss as sluggish demand and lacklustre prices in its key cement business weighed on the construction materials maker.
The company reported a net loss of Rs 7.70 crore in Q1FY25 as against a net profit of Rs 17.89 crore during the year-ago period. The company's sales declined 8.24 percent to Rs 1,746.92 crore on-year (YoY) during the quarter
At 12:49 pm, Prism Johnson shares were trading 11 percent higher at Rs 237.70 on NSE. So far this year, the stock has gained just 30 percent, compared to an 18 percent rise in benchmark Nifty. In the last one year, the counter has rallied more than 81 percent, beating Nifty's returns of 30 percent during this period.
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