Indian Hume Pipe slumps after poor Q2 numbers

Indian Hume Pipe Company tumbled 6.63% to Rs 390 at 10:27 IST on BSE after net profit declined 40.13% to Rs 7.04 crore on 8.43% decline in total income from operations (net) to Rs 229.84 crore in Q2 September 2015 over Q2 September 2014.

The result was announced after market hours yesterday, 28 October 2015.

Meanwhile, the S&P BSE Sensex was down 69.51 points or 0.26% at 26,970.25.

On BSE, so far 6,413 shares were traded in the counter as against average daily volume of 8,695 shares in the past one quarter.

The stock hit a high of Rs 410 and a low of Rs 389.30 so far during the day. The stock had hit a 52-week low of Rs 245 on 27 March 2015. The stock had hit a record high of Rs 438 on 9 October 2015.

The stock had outperformed the market over the past one month till 28 October 2015, surging 8.58% compared with Sensex's 5.55% rise. The scrip, had, however, underperformed the market in past one quarter, sliding 1.83% as against Sensex's 1.53% fall.

The small-cap company has equity capital of Rs 4.84 crore. Face value per share is Rs 2.

Indian Hume Pipe Company's board of directors at a meeting held yesterday, 28 October 2015, approved the closure of the company's Vadgaon factory in Pune with effect from 1 November 2015, subject to the necessary approvals, sanctions, permissions and NOCs from the concerned authorities and the state government.

Indian Hume Pipe Company is engaged in the business of providing integrated water supply schemes including manufacturing, laying and jointing of pipelines of various pipe materials which provide infrastructure facility for development of water supply and irrigation projects.

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