Dredging Corporation slips after weak Q2 results

Dredging Corporation of India fell 3.43% to Rs 430.90 at 9:42 IST on BSE after net profit fell 67.23% to Rs 3.24 crore on 7.71% fall in total income from operations (net) to Rs 168.96 crore in Q2 September 2014 over Q2 September 2013.

The result was announced after market hours on Monday, 10 November 2014.

Meanwhile, the BSE Sensex was up 89.84 points, or 0.32%, to 27,964.57.

On BSE, so far 10,000 shares were traded in the counter, compared with an average volume of 35,722 shares in the past one quarter.

The stock hit a high of Rs 437 and a low of Rs 425 so far during the day. The stock hit a 52-week high of Rs 567 on 22 May 2014. The stock hit a 52-week low of Rs 207.20 on 24 February 2014.

The stock had underperformed the market over the past one month till 10 November 2014, rising 4.91% compared with 6% rise in the Sensex. The scrip had underperformed the market in past one quarter, rising 5.07% as against Sensex's 10.05% rise.

The small-cap company has an 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 2014).

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