 "Supreme Petrochem surges on robust Q4 results")
Shares of Supreme Petrochem surged 18% to Rs 112 on the National Stock Exchange (NSE) in early morning trades after the company reported an over eight-fold jump in net profit at Rs 63.42 crore for the quarter ended June 30, 2015 (Q4), due to lower raw material costs.
The petrochemicals company had posted a profit of Rs 7.73 crore in the same quarter a year ago.
Total operational income of the company during the quarter under review, however, declined by 18.5% at Rs 679 crore against Rs 835 crore in the corresponding quarter of previous fiscal. Total expenses declined by 28% at Rs 594 crore on a year-on-year basis.
Due to a fall in price of Styrene Monomer, the main raw material for the company’s products, the end product prices also fell resulting in lower sales revenue compared to the previous year, Supreme Petrochem said in a statement.
At 09:28 AM, the stock was up 15% at Rs 109 on the NSE and had seen a combined 814,531 shares changing hands on the counter on the NSE and BSE.
The petrochemicals company had posted a profit of Rs 7.73 crore in the same quarter a year ago.
Total operational income of the company during the quarter under review, however, declined by 18.5% at Rs 679 crore against Rs 835 crore in the corresponding quarter of previous fiscal. Total expenses declined by 28% at Rs 594 crore on a year-on-year basis.
Due to a fall in price of Styrene Monomer, the main raw material for the company’s products, the end product prices also fell resulting in lower sales revenue compared to the previous year, Supreme Petrochem said in a statement.
At 09:28 AM, the stock was up 15% at Rs 109 on the NSE and had seen a combined 814,531 shares changing hands on the counter on the NSE and BSE.
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