J K Cement was down 2.57% at Rs 167.10 at 14:50 IST on turning ex-dividend for a dividend of Rs 3.50 per share.

The BSE Sensex, meanwhile, was up 2.84 points, or 0.02%, to 15018.68.

On BSE, 17,679 shares of the scrip were traded. The mid-cap stock had an average daily volume of 53,745 shares on BSE in the past one quarter.

JK Cement had touched a high of Rs 174.95 and a low of Rs 166.30 so far during the day. The stock had hit a 52-week high of Rs 231.20 on 30 October 2006 and a 52-week low of Rs 125 on 22 March 2007.

The second largest white cement manufacturer in India by production capacity had outperformed the market in the one month to 13 August 2007, gaining 11.15% as against the Sensex’s 1.67% drop. It had also outperformed the market in the past three months, adding 5.31% as against the Sensex’s 7.81% gain.

The north India-based cement maker’s equity capital is Rs 69.93 crore, with 6.99 crore outstanding shares of a face value of Rs 10 each.

At the current price of Rs 167.10, the scrip trades at a PE multiple of 5.56, based on Q1 June 2007 annualised EPS of Rs 30.04.

The company’s board had recommended the dividend at the meeting held on 15 May 2007. The company has fixed book closure from 17 August – 25 August 2007 for the payment of dividend.

J K Cement’ net profit rose 59.1% to Rs 52.50 crore on a 16.8% increase in sales to Rs 326.40 crore in Q1 June 2007 over Q1 June 2006.

J K Cement has two grey cement plants in Rajasthan with a combined capacity of 4 million tonnes and a 3.5 lakh-tonne white cement unit. The company serves markets in North India, Gujarat and Madhya Pradesh.

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