Indosolar slumps as net loss widens in Q3

Indosolar was locked at 5% lower circuit at Rs 10.16 at 11:28 IST on BSE after the company reported net loss of Rs 38.30 crore in Q3 December 2015, higher than net loss of Rs 10.52 crore in Q3 December 2014.

The result was announced after market hours on Monday, 25 January 2016. The stock market was shut on Tuesday, 26 January 2016 for Republic Day Holiday.

Meanwhile, the S&P BSE Sensex was up 8.55 points or 0.03% at 24,494.50.

On BSE, so far 93,000 shares were traded in the counter as against average daily volume of 3.07 lakh shares in the past two weeks. The stock hit a high of Rs 10.23 so far during the day. The stock had hit a 52-week low of Rs 7.50 on 7 November 2015. The stock had hit a 52-week high of Rs 20.43 on 28 February 2015. The stock had outperformed the market over the past one month till 25 January 2016, surging 21.2% compared with Sensex's 5.24% fall. The scrip had also outperformed the market in past one quarter, jumping 10.89% as against Sensex's 10.87% fall.

The small-cap company has equity capital of Rs 358.13 crore. Face value per share is Rs 10.

Indosolar's total income from operations (net) declined 23.71% to Rs 79.60 crore in Q3 December 2015 over Q3 December 2014.

Meanwhile, as per the outcome of the joint lenders meeting, the lenders to the company are not considering a second restructuring proposal for the company as of now and are exploring the possibility of sale to asset restructuring company (ARC) and/or to invoke change in management.

Indosolar is engaged in the manufacturing of solar photovoltaic cells.

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