Cochin Minerals tanks as Q3 profit halves
Q3 profit at Rs 9.55 crore against Rs 18.94 crore in year ago quarter mainly due to lower operational income and higher raw material cost.
Cochin Minerals and Rutile was locked in lower circuit of 20% at Rs 230 after its net profit for the quarter ended December 31, 2012 (Q3) almost halved to Rs 9.55 crore due to lower operational income and higher raw material cost. The company engaged in specialty chemicals business had profit of Rs 18.94 crore in a year ago quarter.
“Total income from operations in Q3 has declined by 34% to Rs 48.18 crore from Rs 73.19 crore over the corresponding quarter of previous fiscal,” Cochin Minerals and Rutile said in a statement.
The stock opened at Rs 260 and has seen around 26,000 shares changing hands on the counter so far on the Bombay Stock Exchange. There are pending sell orders for 24,454 shares at 1229 hours.
“Total income from operations in Q3 has declined by 34% to Rs 48.18 crore from Rs 73.19 crore over the corresponding quarter of previous fiscal,” Cochin Minerals and Rutile said in a statement.
The stock opened at Rs 260 and has seen around 26,000 shares changing hands on the counter so far on the Bombay Stock Exchange. There are pending sell orders for 24,454 shares at 1229 hours.