BASF India drops after weak Q4 results

BASF India lost 3.48% to Rs 756.80 at 13:15 IST on BSE after net profit dropped 50.8% to Rs 6.56 crore on 30.3% growth in net sales to Rs 1067.32 crore in Q4 March 2014 over Q4 March 2013.

The company announced the results after trading hours on Tuesday, 29 April 2014.

Meanwhile, the BSE Sensex was up 55.86 points or 0.23% to 22,518.81

On BSE, so far 3,193 shares were traded in the counter as against average daily volume of 9,646 shares in the past one quarter.

The stock hit a high of Rs 764 and a low of Rs 751.40 so far during the day. The stock had hit a 52-week low of Rs 490 on 7 August 2013. The stock had hit a record high of Rs 867.40 on 31 March 2014.

The stock had underperformed the market over the past one month till 29 April 2014, falling 8.42% compared with the Sensex's 0.56% rise. The scrip, however, outperformed the market in past one quarter, advancing 31.33% as against Sensex's 8.81% rise.

The company has an equity capital of Rs 43.29 crore. Face value per share is Rs 10.

BASF India's net profit rose 12.1% to Rs 127.87 crore on 12.4% growth in net sales to Rs 4418.69 crore in the year ended 31 March 2014 over the year ended 31 March 2013.

BASF India said that the directors have recommended a dividend of Rs 4 per share for the financial year ended 31 March 2014, subject to the approval of the shareholders at the forthcoming 70th Annual General Meeting of the company to be held on 27 August 2014. The dividend, if approved, by the shareholders will absorb Rs 17.31 crore and will be payable on or before 1 September 2014. The dividend distribution tax would amount to Rs 2.94 crore and the same will be borne by the company, BASF India said.

BASF India is a diversified manufacturer of chemicals and specialty chemicals that are used in a number of industries including textiles, paper, construction and paints.

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