Manaksia Inds extends losses after weak Q4 results

Manaksia Industries was locked at 5% lower circuit level at Rs 35.20 at 10:47 IST on BSE, with the stock extending Monday's slide triggered by the company reporting weak Q4 results.

Meanwhile, the S&P BSE Sensex was up 265.43 points or 0.9% at 29,679.09. The S&P BSE Small-Cap index was up 173.52 points or 1.16% at 15,127.68.

On the BSE, 7,219 shares were traded on the counter so far as against the average daily volumes of 25,205 shares in the past one quarter. The stock opened with a downward gap and remained locked at 5% lower circuit level at Rs 35.20 so far during the day.

The stock had hit a record high of Rs 40.95 on 17 April 2017 and a 52-week low of Rs 3.20 on 9 May 2016. It had outperformed the market over the past one month till 17 April 2017, surging 33.27% compared with the Sensex's 0.79% fall. The scrip had also outperformed the market over the past one quarter, advancing 76.85% as against the Sensex's 8% rise.

The small-cap company has equity capital of Rs 6.55 crore. Face value per share is Rs 1.

Shares of Manaksia Industries have fallen 9.74% in two trading sessions from its closing of Rs 39 on 13 April 2017, after the company reported weak Q4 March 2017 results on Saturday, 15 April 2017. The stock had declined by 5% to settle at Rs 37.05 yesterday, 17 April 2017.

Manaksia Industries' consolidated net profit declined 55.8% to Rs 6.30 crore on 80.9% rise in net sales to Rs 60.81 crore in Q4 March 2017 over Q4 March 2016.

Manaksia Industries is engaged in the business of metal packaging products and aluminum semi rigid containers.

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