IOL Chemicals tanks after reverse turnaround in Q2

IOL Chemicals & Pharmaceuticals was locked at 5% lower circuit at Rs 46.50 at 10:14 IST on BSE after the company reported a net loss of Rs 9.75 crore in Q2 September 2014 compared with net profit of Rs 1.07 crore in Q2 September 2013.

The result was announced on Saturday, 29 November 2014.

Meanwhile, the S&P BSE Sensex was up 14.91 points or 0.05% at 28,708.90.

On BSE, so far 17,000 shares were traded in the counter as against average daily volume of 70,156 shares in the past one quarter.

The stock hit a high of Rs 51.30 so far during the day. The stock had hit a 52-week low of Rs 16.05 on 5 February 2014. The stock had hit a 52-week high of Rs 76.80 on 21 November 2014.

The stock had underperformed the market over the past one month till 28 November 2014, declining 18.36% compared with the Sensex's 6.75% rise. The stock had also underperformed the market in past one quarter, sliding 20.68% as against Sensex's 7.72% rise.

The small-cap company has equity capital of Rs 41.76 crore. Face value per share is Rs 10.

IOL Chemicals & Pharmaceuticals' net sales declined 21.8% to Rs 121.24 crore in Q2 September 2014 over Q2 September 2013.

IOL Chemicals & Pharmaceuticals' board of directors at its meeting held on Friday, 28 November 2014, approved allotment of 50.51 lakh equity shares of face value of Rs 10 each on conversion of $6 million zero coupon unsecured foreign currency convertible bonds issued in May 2010 to the bondholders and allotment of 8.41 lakh equity shares of the face value Rs 10 each on conversion of $1 million bonds in the name of custodian on behalf of the bondholders, who have not submitted their conversion notices for mandatory conversion.

IOL Chemicals & Pharmaceuticals is one of the leading organic chemicals manufacturer and supplier.

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