Gujarat Ambuja Exports nosedives after weak Q1 earnings

Gujarat Ambuja Exports slumped 10.79% to Rs 118.25 at 12:26 IST on BSE after net profit fell 66.1% to Rs 16.84 crore on 10.4% decrease in net sales to Rs 690.43 crore in Q1 June 2017 over Q1 June 2016.

The result was announced on Saturday, 29 July 2017.

Meanwhile, the S&P BSE Sensex was up 141.76 points, or 0.44% at 32,457.41. The S&P BSE Small-Cap index was up 29.94 points, or 0.19% at 16,101.16.

High volumes were witnessed on the counter. On the BSE, 1.42 lakh shares were traded on the counter so far as against the average daily volumes of 22,472 shares in the past one quarter. The stock had hit a high of Rs 130 and a low of Rs 110 so far during the day. The stock had hit a record high of Rs 146.95 on 5 May 2017 and a 52-week low of Rs 70.80 on 17 August 2016.

The stock had outperformed the market over the past one month till 28 July 2017, advancing 8.03% compared with the Sensex's 4.79% rise. The scrip had, however, underperformed the market over the past one quarter advancing 1.57% as against the Sensex's 7.99% rise. The scrip had, however, outperformed the market over the past one year advancing 75.1% as against the Sensex's 14.54% rise.

The small-cap company has equity capital of Rs 22.93 crore. Face value per share is Rs 2.

Gujarat Ambuja Exports is principally involved in agro-processing and has focus on exports, competing in the global market.

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