Dredging Corporation sinks after weak Q4 result

Dredging Corporation of India lost 4.31% to Rs 568.95 at 11:51 IST on BSE after net profit dropped 78.17% to Rs 3.74 crore on 25.81% decline in total income to Rs 136.56 crore in Q4 March 2017 over Q4 March 2016.

The result was announced after market hours yesterday, 29 May 2017.

Meanwhile, the S&P BSE Sensex was up 42.62 points or 0.14% at 31,151.90. The BSE Small-Cap index was down 4.42 points or 0.03% at 14,850.71.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 70,541 shares in the past one quarter. The stock had hit a high of Rs 576.10 and a low of Rs 561.95 so far during the day. The stock had hit a 52-week high of Rs 720.95 on 23 March 2017 and a 52-week low of Rs 360.20 on 9 November 2016.

The stock had underperformed the market over the past one month till 29 May 2017, falling 6.58% compared with the 3.98% gain in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 32.37% as against Sensex's 8.23% gain.

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

State-run Dredging Corporation of India provides dredging services to the major ports of the country. The government holds 73.47% stake in Dredging Corporation of India (as on 31 March 2017).

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