Indo Borax & Chemicals gains after restarting production at Pithampur plant

Indo Borax & Chemicals gained 3.97% to Rs 363.90 at 10:30 IST on BSE after the company said that it will restart production activity from Pithampur plant from today, 29 June 2016, with an alternative arrangement of water supply.

The announcement was made after market hours yesterday, 28 June 2016.

Meanwhile, the S&P BSE Sensex was up 167.44 points or 0.63% at 26,691.99.

On BSE, so far 270 shares were traded in the counter as against average daily volume of 1,477 shares in the past one quarter. The stock hit a high of Rs 365 and a low of Rs 360 so far during the day. The stock hit a 52-week high of Rs 376 on 10 June 2016. The stock hit a 52-week low of Rs 270 on 6 November 2015. The stock had outperformed the market over the past one month till 28 June 2016, gaining 8.68% compared with Sensex's 0.48% fall. The scrip had also outperformed the market in past one quarter, gaining 14.94% as against Sensex's 6.24% gains.

The small-cap chemical manufacturer has equity capital of Rs 3.21 crore. Face value per share is Rs 10.

Indo Borax & Chemicals had announced on 14 June 2016 that it had shut down the Pithampur plant in Madhya Pradesh from 14 June 2016 due to non-supply of water by M. P. Audyogik Kendra Vikas Nigam (Indore) Ltd., on account of non-availability of water in reservoirs. The company at that time had said it will review the water situation after 15 days and inform accordingly. The company had said that there will be no effect on the sales during the shut-down period of plant, as the company is having sufficient inventory.

Indo Borax & Chemicals' net profit rose 52% to Rs 3.45 crore on 39.8% rise in net sales to Rs 24.11 crore in Q4 March 2016 over Q4 March 2015.

Indo Borax & Chemicals is engaged in the manufacturing and selling of chemicals.

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