Dredging Corp slumps after reverse turnaround in Q2

Dredging Corporation of India was down 6.66% to Rs 381.90 at 12:32 IST on BSE after the company reported net loss of Rs 14.37 crore in Q2 September 2016, compared with net profit of Rs 20.78 crore in Q2 September 2015.

The result was announced after market hours on Friday, 2 December 2016.

Meanwhile, the S&P BSE Sensex was down 72.52 points or 0.28% at 26,158.14.

On the BSE, 8,638 shares were traded on the counter so far as against the average daily volumes of 6,643 shares in the past one quarter. The stock had hit a high of Rs 394.90 and a low of Rs 381.15 so far during the day.

The stock had hit a 52-week high of Rs 465 on 31 August 2016 and a 52-week low of Rs 290 on 29 February 2016. It had outperformed the market over the past one month till 2 December 2016, sliding 2.01% compared with the Sensex's 4.71% fall. The scrip had, however, underperformed the market in the past one quarter, declining 8.35% as against the Sensex's 8.07% fall.

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

The company's net sales declined 2.2% to Rs 156.45 crore in Q2 September 2016 over Q2 September 2015.

State-run Dredging Corporation of India provides dredging services to the major ports of the country. The company is a pioneer organization in the field of dredging and maritime development. The Government of India owned 73.56% stake in the company end September 2016.

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