Supreme Petrochem weakens after Q3 net slumps 63%

Shares of Supreme Petrochem were down 5.6% at Rs 62.75 after the company's net profit for the third quarter ended March 31, 2014 slumped 62.8% to Rs 9.78 crore compared with Rs 26.33 crore in the corresponding quarter last year.

Raw materials cost for the third quarter increased to Rs 532.23 crore from Rs 481.53 crore in the same quarter last year.

However, total income from operations during the quarter inched up 4.2% to Rs 823.41 crore against Rs 789.95 crore in the same quarter last year.

Further, in a release to the Bombay Stock Exchange late Monday the company also said that its board has approved the Buy back of fully paid-up equity shares of Rs. 10/- each from open market through the Stock Exchange mechanism, for an amount not exceeding Rs. 33.75 Crores (Rupees Thirty Three Crores Seventy Five Lacs only) including brokerage and other charges ("Buyback Size") in cash from the BSE Limited and the National Stock Exchange of India Limited, subject to a price not exceeding Rs. 70/- per equity share and subject to a maximum of 60,00,000 equity shares and minimum of 24,10,715 equity shares.

Nearly 300,000 shares were traded on both the stock exchanges so far.