Everest Industries tanks after Q1 results

Everest Industries slumped 7.26% to Rs 388.60 at 11:56 IST on BSE after net profit rose 16.9% to Rs 22.94 crore on 5.6% growth in net sales to Rs 402.25 crore in Q1 June 2015 over Q1 June 2014.

The Q1 result was announced after market hours yesterday, 15 July 2015.

Meanwhile, the S&P BSE Sensex was up 140.93 points or 0.5% at 28,339.22.

On BSE, so far 50,000 shares were traded in the counter as against average daily volume of 12,217 shares in the past one quarter.

The stock hit a high of Rs 414.10 and a low of Rs 379.10 so far during the day. The stock had hit a record high of Rs 430 yesterday, 15 July 2015. The stock had hit a 52-week low of Rs 221.05 on 17 July 2014.

The stock had outperformed the market over the past one month till 15 July 2015, surging 36.84% compared with Sensex's 6.06% rise. The scrip had also outperformed the market in past one quarter, jumping 28.29% as against Sensex's 2.09% fall.

The small-cap company has equity capital of Rs 15.29 crore. Face value per share is Rs 10.

Everest Industries' bottom line in Q1 June 2015 was boosted by steep surge in other income during the quarter. Other income spurted 2100% to Rs 7.70 crore in Q1 June 2015 over Q1 June 2014.

Meanwhile, Everest Industries' board of directors at its meeting held yesterday, 15 July 2015, decided to make Everest Building Solutions as its wholly owned subsidiary company. Presently, the company is holding 19% of the paid up share capital of Everest Building Solutions.

Everest Industries is one of India's fastest growing building solutions companies.

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