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RCF shares slip over 5% as Q1 profit dips

Press Trust of India  |  New Delhi 

Shares of Rashtriya Chemicals and Fertilisers today plunged over 5 per cent after the company reported a 65 per cent decline in standalone net profit for the quarter ended June 30.

The scrip declined by 5.23 per cent to end at Rs 47.10 on During the day, it lost 5.43 per cent to Rs 47.

On NSE, shares of the company dipped 5.22 per cent to close at Rs 47.15.

State-run Rashtriya Chemicals and Fertilisers yesterday reported a 65 per cent decline in standalone net profit at Rs 19.59 crore for the quarter ended June 30, and announced plan to raise Rs 1,000 crore through non-convertible debentures on a private placement basis.

The company had posted a net profit of Rs 56.10 crore in the year-ago period.

Income from operations also fell to Rs 1,540.99 crore during the first quarter of this fiscal from Rs 1,824.54 crore in the corresponding period of the previous year.

In a filing to BSE, the company also informed that the board of Directors at its meeting have approved the issue of secured non-convertible debentures of Rs 1,000 crore on private placement subject to the approval by the members at the general meeting.

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

First Published: Tue, August 30 2016. 17:57 IST