Dredging Corp drops after weak Q2 results

Dredging Corporation of India lost 1.34% to Rs 267.80 at 14:19 IST on BSE after net profit declined 21.63% to Rs 9.89 crore on 25.75% growth in total income from operations to Rs 183.08 crore in Q2 September 2013 over Q2 September 2012.

The Q2 result was announced during trading hours today, 8 November 2013.

Meanwhile, the S&P BSE Sensex was down 172.82 points or 0.83% at 20,649.95.

On BSE, 6,275 shares were traded in the counter as against average daily volume of 16,729 shares in the past one quarter.

The stock was volatile. The stock lost as much as 2.13% at the day's low of Rs 265.65 so far during the day. The stock rose as much as 3.07% at the day's high of Rs 279.80 so far during the day. The stock had hit a 52-week high of Rs 332.40 on 20 August 2013. The stock had hit a 52-week low of Rs 152.25 on 31 July 2013.

The stock had outperformed the market over the past one month till 7 November 2013, surging 9.88% compared with the Sensex's 4.66% rise. The scrip had also outperformed the market in past one quarter, advancing 31.9% as against Sensex's 11.56% rise.

The small-cap company has equity capital of Rs 28 crore. Face value per share is Rs 10.

State-owned Dredging Corporation of India is the premier dredging company in the country. Dredging is the process of excavating/ or removing soil/or rock from under the water by a dredger. The main objective of dredging is the creation of deeper water to improve navigation. The Government of India (GoI) holds 78.56% stake in the firm (as per the shareholding pattern as on 30 September 2013).

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