Keltech Energies skids after minor accident at unit

Keltech Energies was locked at 5% lower circuit at Rs 1,603.85 at 15:00 IST on BSE after the company announced that on 1 February 2018 there was an accident in the process building in one of its factories located at Garamsur, near Nagpur.

The announcement was made after market hours yesterday, 5 February 2018.

Meanwhile, the S&P BSE Sensex was down 612.88 points, or 1.76% to 34,144.28. The S&P BSE Small-Cap index was down 400.84 points, or 2.25% to 17,380.95, underperforming the Sensex.

On the BSE, 944 shares were traded in the counter so far, compared with average daily volumes of 1,401 shares in the past one quarter. The stock had hit a high of Rs 1,610 and a low of Rs 1,603.85 so far during the day. The stock had hit a record high of Rs 2,169 on 31 October 2017. The stock had hit a 52-week low of Rs 581 on 3 February 2017.

The stock jumped 20.6% over the past one month till 5 February 2018, outperforming the Sensex's 1.77% rise. The scrip had, however, underperformed the market in past one quarter, dropping 6.29% as against Sensex's 3.18% rise. The scrip had, however, outperformed the market in past one year, jumping 169.8% as against Sensex's 23.08% rise.

The small-cap company has equity capital of Rs 1 crore. Face value per share is Rs 10.

However, there was no injury or fatality in the incident. The concerned authorities are informed and repair work will be done as soon as possible. During this period, manufacture of one of the products of the company from this factory will be temporarily affected.

Keltech Energies' net profit jumped 163.4% to Rs 4.24 crore on 5.6% rise in net sales to Rs 50.31 crore in Q3 December 2017 over Q3 December 2016.

Keltech Energies is into manufacturing of cartridge explosives, bulk emulsion explosives, mono methyl amine nitrate (MMAN) solutions, accessories for explosives, expanded perlite products & perlite filter aid.

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