Kaveri Seed Company gains after opening new plant in Telangana

Kaveri Seed Company rose 4.64% to Rs 398.85 at 9:27 IST on BSE after the company said that it opened a new plant at Karimnagar district in Telangana.

The announcement was made after market hours yesterday, 12 April 2016.

Meanwhile, the BSE Sensex was up 317.55 points, or 1.26%, to 25,463.14 .

On BSE, so far 45,000 shares were traded in the counter, compared with an average volume of 1.05 lakh shares in the past one quarter. The stock hit a high of Rs 400 and a low of Rs 394.45 so far during the day. The stock hit a 52-week high of Rs 1,054.75 on 15 April 2015. The stock hit a 52-week low of Rs 300 on 18 January 2016. The stock had underperformed the market over the past one month till 12 April 2016, sliding 3.16% compared with 1.73% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 5.42% as against Sensex's 1.88% rise.

The small-cap company has an equity capital of Rs 13.81 crore. Face value per share is Rs 2.

Kaveri Seed Company said that the plant has an installed capacity of 10 to 20 tonnes (paddy/maize) of production per hour based on the crop. The new plant is scheduled to commence operations in the first week of May 2016. G. V. Bhaskar Rao, Managing Director of Kaveri Seed said that the new plant will enhance the existing capacity of seed process to meet the growing demand from the markets.

On a consolidated basis, net profit of Kaveri Seed Company declined 74.21% to Rs 9.23 crore on 1.35% rise in net sales to Rs 91.91 crore in Q3 December 2015 over Q3 December 2014.

Kaveri Seed Company makes hybrid seeds.

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