Himadri Chemicals rises on bargain hunting

Himadri Chemicals & Industries rose 2.58% to Rs 19.11 at 14:04 IST on BSE on bargain hunting after the stock tumbled 20.62% in the preceding three trading sessions to Rs 18.63 on 24 May 2013, from a recent high of Rs 23.47 on 21 May 2013.

Meanwhile, the S&P BSE Sensex was up 177.86 points, or 0.90%, to 19,882.19.

On BSE, 14,000 shares were traded in the counter as against an average daily volume of 14,676 shares in the past one quarter.

The stock hit a high of Rs 20.45 and a low of Rs 19.11 so far during the day. The stock had hit a 52-week high of Rs 38.90 on 10 July 2012. The stock had hit a 52-week low of Rs 12 on 28 March 2013.

The stock had outperformed the market over the past one month till 24 May 2013, soaring 42.54% compared with the Sensex's 2.74% rise. The scrip had, however, underperformed the market in past one quarter, falling 0.64% as against Sensex's 2.01% rise.

The small-cap company has an equity capital of Rs 38.57 crore. Face value per share is Re 1.

Himadri Chemicals & Industries' net profit rose 20.82% to Rs 26.87 crore on 8.36% decline in net sales to Rs 301.84 crore in Q4 March 2013 over Q4 March 2012. The result was announced on Saturday, 25 May 2013.

Net profit declined 62.81% to Rs 23.55 crore on 15.67% rise in net sales to Rs 1299.40 crore in the year ended March 2013 over the year ended March 2012.

As of 31 March 2013, the company had a total debt of Rs 1275.50 crore and cash & cash equivalents of Rs 251.40 crore, resulting in net debt of Rs 1024.10 crore.

The board of Himadri Chemicals recommended a dividend of Rs 0.10 per equity share for the financial year ended March 2013.

Himadri Chemicals & Industries is a wholly-integrated specialty carbon company and the largest producer of coal tar pitch in India with a market share of over 70%. Leveraging its leadership in coal tar, Himadri Chemicals has diversified its portfolio to integrate byproducts including carbon black, advanced carbon material, SNF, naphthalene and value added oil.

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