Hindustan Organic Chemicals jumps 10.1% in 2 days

Hindustan Organic Chemicals was locked at 5% upper circuit at Rs 10.60 at 10:35 IST on BSE, with the stock extending Tuesday's 5% rally triggered by the company's clarification in connection with the sale of a plot owned by the company.

Meanwhile, the S&P BSE Sensex was up 49.32 points or 0.24% at 20,901.79.

On BSE, so far 46,000 shares were traded in the counter as against average daily volume of 11,544 shares in past one quarter.

The stock hit a low of Rs 10.40 so far during the day. The stock had hit a 52-week high of Rs 15.30 on 8 May 2013. The stock had hit a 52-week low of Rs 6.05 on 5 August 2013.

The stock had outperformed the market over the past one month till 25 February 2014, advancing 1.51% compared with the Sensex's 1.33% fall. The scrip had, however, underperformed the market in past one quarter, declining 8.68% as against Sensex's 1.2% rise.

The small-cap company has equity capital of Rs 67.17 crore. Face value per share is Rs 10.

Shares of Hindustan Organic Chemicals (HOCL) have rallied 10.18% in two trading sessions from Rs 9.62 on 24 February 2014 after the company after market hours 24 February 2014 in a clarification issued to the exchanges said that Maharashtra Industrial Development Corporation (MIDC) has approached it in connection with the sale of a plot owned by the company. The stock had surged by the maximum permissible level of 5% to settle at Rs on Tuesday, 25 February 2014.

HOCL in its clarification with respect to news item viz. "MIDC eyes Hind Organic Plot Near Mumbai" said that MIDC approached the company and presently discussions between MIDC and HOCL are in progress. However, nothing has been concluded/finalized and will be informed to the exchange once it is finalised, HOCL said.

HOCL reported a net loss of Rs 47.54 crore in Q3 December 2013, higher than net loss of Rs 34.41 crore in Q3 December 2012. Net sales declined 73.6% to Rs 36.29 crore in Q3 December 2013 over Q3 December 2012.

HOCL manufactures basic organic chemicals essential for vital industries like resins and laminates, dyes and dyes intermediates, drugs and pharmaceuticals, rubber chemicals, paints, pesticides and others.

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