Praj slumps 8% despite Q1 net rise

Praj Industries finally plummeted over 8% to Rs 76. The stock touched a day's low of  Rs 75.

The counter has clocked a volume of around 1.1 million shares against its two-week average traded quantity of  846,298 shares.
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(Updated 1259 hrs)

Praj Industries has declined 2.5% to Rs 81 following a marginal rise of  2.5% rise in Q1 net proft.

Earlier in the day, the stock spurted to a high of Rs 84, and them dropped to a low of Rs 79. The counter has clocked a volume of 589,321 shares so far on the BSE.

According to the first quarter results announced to the BSE yesterday, the company has posted a net profit of Rs 25.33 crore for the quarter ended June 30, 2009, as compared to Rs 24.75 crore for the quarter ended June 30, 2008, an increase of 2.5%.

However, the total income has decreased by 12% as compared to the same quarter last year. The total income has declined from Rs 156.79 crore for the quarter ended June 30, 2008 to Rs 138.03 crore for the quarter ended June 30, 2009.