Dharani Sugars declines on profit taking

Dharani Sugars & Chemicals lost 4.63% to Rs 15.25 at 10:55 IST on BSE, with the stock sliding on profit booking after recent sharp rally.

Meanwhile, the S&P BSE Sensex was down 109.28 points or 0.4% at 26,926.57.

On BSE, so far 704 shares were traded in the counter as against average daily volume of 1,373 shares in the past one quarter.

The stock hit a high of Rs 16 and a low of Rs 15.25 so far during the day. The stock had hit a 52-week low of Rs 9.50 on 25 August 2015. The stock had hit a 52-week high of Rs 23.60 on 23 October 2014.

The stock had outperformed the market over the past one month till 7 October 2015, surging 52.58% compared with Sensex's 8.6% rise. The scrip had also outperformed the market in past one quarter, jumping 23% as against Sensex's 4.03% fall.

The small-cap company has equity capital of Rs 29.39 crore. Face value per share is Rs 10.

Shares of Dharani Sugars & Chemicals had rallied 30% in the preceding four trading sessions to settle at Rs 15.99 yesterday, 7 October 2015, from a recent low of Rs 12.30 on 30 September 2015.

Dharani Sugars & Chemicals at the fag end of market hours yesterday, 7 October 2015 announced the minutes of its AGM held on 28 September 2015. The company in its minutes of AGM said that its shareholders have approved the preferential allotment of 37.64 lakh equity shares of the company of Rs 10 each to the promoters/promoters group.

Dharani Sugars & Chemicals reported a net loss of Rs 16.24 crore in Q1 June 2015, higher than net loss of Rs 10.42 crore in Q1 June 2014. Net sales declined 30.7% to Rs 71.82 crore in Q1 June 2015 over Q1 June 2014.

Dharani Sugars & Chemicals is the flagship company of PGP group of companies. The company manufactures sugar, organic and inorganic chemicals.

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