Kalyani Steels loses sheen after posting weak Q2 results

Kalyani Steels dropped 4.21% to Rs 388.95 at 14:00 IST on BSE after net profit fell 29.09% to Rs 26.66 crore on 2.94% decline in total income to Rs 317.26 crore in Q2 September 2017 over Q2 September 2016.

The result was announced during market hours today, 9 November 2017. Post introduction of GST from 1 July 2017, revenue from operations for the quarter is not comparable with the previous periods.

Meanwhile, the S&P BSE Sensex was down 14.87 points, or 0.04% at 33,203.94. The S&P BSE Small-Cap index was up 38.99 points, or 0.22% at 17,536.98, outperforming the Sensex.

More than usual volumes were witnessed on the counter. On the BSE, 41,420 shares were traded on the counter so far as against the average daily volumes of 29,009 shares in the past one quarter. The stock had hit a high of Rs 417.10 and a low of Rs 388 so far during the day. The stock had hit a 52-week high of Rs 469.15 on 20 June 2017 and a 52-week low of Rs 246.45 on 21 November 2016.

The stock has dropped 7.95% in four sessions to its ruling price, from a close of Rs 422.55 on 3 November 2017.

The stock had underperformed the market over the past one month till 8 November 2017, falling 1.05% compared with the Sensex's 4.41% rise. The stock had had also underperformed the market over the past one quarter, dropping 11.21% as against the Sensex's 3.76% rise. The scrip had, however, outperformed the market over the past one year, jumping 30.5% as against the Sensex's 20.4% rise.

The small-cap company has equity capital of Rs 21.83 crore. Face value per share is Rs 5.

Kalyani Steels is engaged in manufacturing and marketing iron and steel products.

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