Kaveri Seed drops on profit booking

Kaveri Seed Company lost 0.92% to Rs 1,915.20 at 14:12 IST on BSE, with the stock sliding on profit booking after recent rally after the company said it has fixed 28 January 2014 as the record date for 5-for-1 stock-split.

Meanwhile, the S&P BSE Sensex was down 91.74 points or 0.43% at 21,042.47.

On BSE, so far 342 shares were traded in the counter as against average daily volume of 1,995 shares in the past one quarter.

The stock was volatile. The stock lost as much as 1.7% at the day's low of Rs 1,900 so far during the day. The stock rose as much as 0.34% at the day's high of Rs 1,939.70 so far during the day. The stock had hit a record high of Rs 2,036 on 8 January 2014. The stock had hit a 52-week low of Rs 1,100 on 25 March 2013.

The stock had outperformed the market over the past one month till 13 January 2014, advancing 14.12% compared with the Sensex's 2.02% rise. The stock had also outperformed the market in past one quarter, jumping 26.67% as against Sensex's 2.95% rise.

The small-cap company has equity capital of Rs 13.75 crore. Face value per share is Rs 10.

Shares of Kaveri Seed Company were on a roll recently. The stock had rallied 26.4% to settle at Rs 1,933.05 on Monday, 13 January 2014 from Rs 1,529.25 on 5 December 2013.

Kaveri Seed Company's consolidated net profit surged 46% to Rs 8.86 crore on 61.9% growth in net sales to Rs 103.24 crore in Q2 September 2013 over Q2 September 2012.

Kaveri Seed Company makes hybrid seeds. High yielding hybrid crops such as cotton, corn, paddy, bajra and sunflower are the major crops for which the company enjoys a strong leadership position in the seed production.

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