Kemrock Industries and Exports has locked lower circuit of 10% at Rs 205, its lowest level since May 2009, after reporting a sharp decline in its standalone net profit at Rs 1.87 crore for the quarter ended June 30, 2012, due to lower realisation. The plastic products maker had a net profit Rs 26.05 crore in previous year quarter.
Net sales declined 45% to Rs 162 crore, while interest burden increased by 55% at Rs 53 crore on year-on-year basis. Income from other sources however, surged significantly to Rs 45 crore from less than Rs 1 crore, due to gains from transaction of foreign currency monetary items.
The stock is continuously under pressure, and has tanked 47% in past six trading days, after its promoters has pledged majority stake to various lenders as part of collateral against company’s borrowings
A total of around 2,000 shares have changed hands on the counter till early noon deals and there are pending sell orders 476,177 shares on the NSE and BSE.