Kalyani Steels slumps after poor Q1 earnings

Kalyani Steels tumbled 8.15% to Rs 394.70 at 14:28 IST on BSE after net profit fell 41.47% to Rs 27.44 crore on 11.33% increase in total income to Rs 383.25 crore in Q1 June 2017 over Q1 June 2016.

The result was announced during market hours today, 11 August 2017.

Meanwhile, the S&P BSE Sensex was down 373.65 points, or 1.19% at 31,157.68. The S&P BSE Small-Cap index was down 138.17 points, or 0.92% at 14,932.91.

High volumes were witnessed on the counter. On the BSE, 1.13 lakh shares were traded on the counter so far as against the average daily volumes of 49,309 shares in the past one quarter. The stock had hit a high of Rs 430.05 and a low of Rs 392.05 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 had underperformed the market over the past one month till 10 Aug 2017, declining 2.64% compared with the Sensex's 0.58% fall. The scrip had, however, outperformed the market over the past one quarter advancing 16.62% as against the Sensex's 4.24% rise. The scrip had also outperformed the market over the past one year advancing 50.72% as against the Sensex's 13.52% 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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