Gujarat Ambuja held ground as market men await satisfactory results from the company later on Thursday.

By 12:20 IST, the scrip of India's fourth largest cement maker edged up 1.24% to Rs 167.15. It recorded volumes of 16,243 shares on BSE so far.

As per market sources, the result are likely by 15:30 IST on Thursday.

A capitalmarket.com poll of cement analysts has, for the quarter ended 31 March 2003, predicted a net profit growth of 25-32% to Rs 68 crore-Rs 72 crore for the company. Sales may rise 17%-28.5% to Rs 441-485 crore (Rs 4.41-4.85 billion).

The impressive shipments by GACL over the last three months (January –March 2003) should provide the foundation for a good performance .

During the last three months, GACL reported a 36.6% jump in dispatches to 2.73 million tonnes (2 million tonne). While production rose 35.3% to 2.73 million tonne (2.01 million tonne).

The company posted a net profit of Rs 56.46 crore for the second quarter ended 31 December 2002, registering an increase of 11.93% compared to Rs 50.44 crore for the quarter ended 31 December 2001. Total income increased to Rs 427.20 crore (Rs 4.27 billion) in the quarter under review from Rs 355.09 crore (Rs 3.55 billion) in the corresponding quarter last fiscal.

GACL can expect increased demand from the government's thrust on infrastructure in the Union Budget 2003-04. The finance minister has said that initial government funding for new infrastructure projects will total Rs 2,000 crore (Rs 20 billion) for the year. Principally, investments will be made in railways, airports and sea ports through an innovative funding mechanism.

BSE code: 500425