Mcleod Russel India rises on bargain hunting

Mcleod Russel India rose 2.93% to Rs 341 at 14:57 IST on BSE on bargain hunting after the stock fell 7.66% in the preceding three trading sessions to Rs 331.30 on 4 April 2013 from a recent high of Rs 358.80 on 1 April 2013.

Meanwhile, the BSE Sensex was down 102.17 points, or 0.55%, to 18,407.53.

On BSE, 13,000 shares were traded in the counter as against an average daily volume of 28,430 shares in the past one quarter.

The stock hit a high of Rs 341.45 and a low of Rs 332 so far during the day. The stock had hit a record high of Rs 386.95 on 22 February 2013. The stock had hit a 52-week low of Rs 254.15 on 11 May 2012.

The stock had underperformed the market over the past one month till 4 April 2013, sliding 9.21% compared with the Sensex's 1.95% fall. The scrip had also underperformed the market in past one quarter, falling 7.70% as against Sensex's 6.44% fall.

The mid-cap company has an equity capital of Rs 54.73 crore. Face value per share is Rs 5.

Net profit of Mcleod Russel India rose 5.16% to Rs 123.15 crore on 10.73% rise in net sales to Rs 434.12 crore in Q3 December 2012 over Q3 December 2011.

Mcleod Russel is the world's largest tea producer. It produces approximately 100 million kilos of tea a year from its tea estates in Assam, West Bengal, Vietnam, Uganda and Rwanda.

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