Prism Johnson stock skyrockets 15% to climb new peak on heavy volumes; BSE seeks clarification

Prism Johnson stock has gained around 69 percent in the past year compared to a 28 percent rise seen in benchmark Nifty during the same period.

Shares of Prism Johnson surged over 15 percent on September 11 to hit a fresh record high of Rs 246 on the National Stock Exchange (NSE) due to a spurt in volume. So far in the day, over 7 crore shares of the company changed hands on BSE and NSE combined, compared to the one-month trading volume of 36 lakh shares.

Following the sharp increase in trading volume, BSE sought clarification from the company on September 11 regarding the unusual volume movement. At 1:17 pm, Prism Johnson shares were trading 13 percent lower at Rs 236.71 on NSE.

The stock has gained around 28 percent so far this year. In the past 12 months, the stock has gained around 69 percent compared to a 28 percent rise seen in benchmark Nifty during the same period.

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.

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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.

Prism Johnson had 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 year-on-year (YoY) during the quarter.

The company recently announced that it has entered into a shareholders agreement for acquiring 50 percent of the issued and paid-up capital of Sunbath Sanitary, a company engaged in the business of manufacturing sanitaryware.

Prism Johnson acquired 6 lakh equity shares of Rs 10 each, at a premium of Rs 21.2 per equity share aggregating to Rs 18.72 crore on a preferential basis.

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