3M India spurts on value buying

Shares of 3M India jumped 9.10% to Rs 19,000 amid bargain hunting after recent steep losses.

Shares of 3M India slipped 15.57% in the past 20 trading sessions to settle at Rs 17,414.45 yesterday, 30 March 2020 from its close of Rs 20,626.75 on 28 February 2020.

Meanwhile, 3M India announced on Tuesday (31 March 2020) that it has suspended operations in its Ranjangaon (Pune), Ahmedabad and Bangalore plants till 14 April 2020 amid the nationwide shutdown to contain Covid-19 pandemic. However, respirators and sanitizers lines in the Ranjangaon plant will continue to operate, as they are classified as essential commodities.

3M India's consolidated net profit tanked 34.73% to Rs 71.92 crore on a 5.83% decline in net sales to Rs 745.38 crore in Q3 December 2019 over Q3 December 2018.

3M India is a technology company which offers tapes, adhesives, advanced ceramics, sealants, specialty materials, closure systems for personal hygiene products, as well as offers scotch masking tape, scotch filament tape and scotch packaging tape.

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