Cochin Minerals tanks on reporting net loss in Q4
Q4 net loss at Rs 1.19 crore against profit of Rs 27 crore due to fall in operational income and higher raw material cost.
Cochin Minerals and Rutile has tanked 20% to Rs 165 after reporting net loss of Rs 1.19 crore for the fourth quarter ended March 31, 2013 due to fall in operational income and higher raw material cost. The specialty chemicals maker had net profit of Rs 27.38 crore in a year ago quarter.
The company’s income from operations declined sharply 83% year-on-year (yoy) to Rs 12.34 crore against Rs 48.11 crore in the corresponding quarter previous fiscal. The cost of raw material consumed increased 15% at Rs 27.16 crore on yoy basis.
Meanwhile, the board has recommended dividend of Rs 10 per share including Rs 8 per share as special dividend.
The stock opened at Rs 205 and touched high of Rs 209 on BSE before announcements of March quarter results. Around 79,000 shares changed hands on the counter till 1500 hours against an average 20,000 shares that were traded daily in past two weeks on BSE.
The company’s income from operations declined sharply 83% year-on-year (yoy) to Rs 12.34 crore against Rs 48.11 crore in the corresponding quarter previous fiscal. The cost of raw material consumed increased 15% at Rs 27.16 crore on yoy basis.
Meanwhile, the board has recommended dividend of Rs 10 per share including Rs 8 per share as special dividend.
The stock opened at Rs 205 and touched high of Rs 209 on BSE before announcements of March quarter results. Around 79,000 shares changed hands on the counter till 1500 hours against an average 20,000 shares that were traded daily in past two weeks on BSE.