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Punjab Chemicals & Crop Protection hits record high

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Chemicals & Crop Protection jumped 10.79% to Rs 470.80 at 11:15 on after the company said that its board of directors will meet on 8 December 2017 to consider the option to raise long term resources.

The announcement was made after market hours yesterday, 5 December 2017.

Meanwhile, the S&P Sensex was down 79.78 points or 0.24% at 32,722.66. The S&P Small-Cap index advanced 78.35 points or 0.44% at 17,997.06, outperforming the Sensex.

High volumes were witnessed on the counter. On the BSE, 19,815 shares were traded on the counter so far as against the average daily volumes of 5,055 shares in the past one quarter. The stock had hit a high of Rs 478 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 427.75 so far during the day. The stock had hit a 52-week low of Rs 204.25 on 5 December 2016.

The stock had outperformed the market over the past one month till 5 December 2017, gaining 5.88% compared with 2.62% drop in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.42% as against Sensex's 3.12% rise. The scrip had also outperformed the market in past year, jumping 99.84% as against Sensex's 24.49% rise.

The small-cap company has equity capital of Rs 12.26 crore. Face value per share is Rs 10.

Chemicals & Crop Protection said that the company's board of directors will meet on 8 December 2017 to consider the option to raise long term resources by way of further public offering/rights issue/global depository receipt/American depository receipts/foreign currency convertible bonds/qualified institutional placement/debt issue/preferential issue or any other method, as may be deliberated and decided by the board of directors of the company.

The company will also announce its Q2 results on 8 December 2017.

Chemicals & Crop Protection's net profit jumped 124.2% to Rs 5.56 crore on 17.5% rise in net sales to Rs 105.87 crore in Q1 June 2017 over Q1 June 2016.

From manufacturing basic chemicals such as oxalic acid, Chemicals & Crop Protection is a agrochemicals & formulations company with synergistic pharma, industrial chemicals & international trading divisions.

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

First Published: Wed, December 06 2017. 11:53 IST