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INEOS Styrolution India tumbles after weak Q1 results

Capital Market 

INEOS Styrolution fell 9.57% to Rs 865 at 9:49 on after net profit declined 81.71% to Rs 2.74 crore on 18.22% rise in net sales to Rs 449.17 crore in Q1 June 2017 over Q1 June 2016.

The result was announced after market hours yesterday, 9 August 2017.

Meanwhile, the S&P Sensex was down 183.81 points, or 0.58% to 31,614.03.

On the BSE, 10,000 shares were traded in the counter so far, compared with average daily volumes of 6,141 shares in the past one quarter. The stock had hit a high of Rs 915 and a low of Rs 850 so far during the day. The stock hit a record high of Rs 1,138.90 on 26 July 2017. The stock hit a 52-week low of Rs 538 on 12 August 2016.

The stock had outperformed the market over the past one month till 9 August 2017, rising 3.61% compared with 0.16% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 34.79% as against Sensex's 5.11% rise. The scrip had also outperformed the market in past one year, rising 53.90% as against Sensex's 14.48% rise.

The small-cap company has equity capital of Rs 17.59 crore. Face value per share is Rs 10.

INEOS Styrolution said its board approved expansion of ABS compounding capacity at the Moxi plant in Vadodara, Gujarat from 66KTA to 100KTA for an investment of Rs 130 crore. The estimated capital expenditure will be financed through internal group borrowing, for which the approval of the shareholders of the company will be sought through postal ballot for increasing the borrowing limits of the company. The estimated time to complete the expansion project is scheduled by end of the financial year ending March 2019.

INEOS Styrolution is the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS standard and styrenic specialties.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 10 2017. 09:53 IST