C Mahendra Exports hits the roof on bargain hunting

C Mahendra Exports hit an upper circuit limit of 5% at Rs 30.80 at 11:58 IST on BSE on bargain hunting after the stock slumped 85.89% in the preceding 29 sessions to Rs 29.35 on 11 September 2014, from a recent high of Rs 208 on 30 July 2014.

Meanwhile, the BSE Sensex was up 29.27 points, or 0.11%, to 27,025.14.

On BSE, so far 23.17 lakh shares were traded in the counter, compared with an average volume of 51,456 shares in the past one quarter.

The stock hit a low of Rs 27.90 in early trade, which is also a record low for the counter. The stock hit a 52-week high of Rs 259 on 30 December 2013.

The stock had outperformed the market over the past one month till 11 September 2014, rising 65.45% compared with 5.79% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 88.05% as against Sensex's 5.97% rise.

The small-cap company has an equity capital of Rs 60.57 crore. Face value per share is Rs 10.

C Mahendra Exports reported net loss of Rs 13.11 crore in Q1 June 2014 as against net profit of Rs 30.86 crore in Q1 June 2013. Net sales declined 73.01% to Rs 216.43 crore in Q1 June 2014 over Q1 June 2013.

C Mahendra Exports is one of the leading diamantaire and jewelry company.

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