Mcleod Russel tumbles on profit booking

Meanwhile, the S&P BSE Sensex was down 236.60 points, or 1.22%, to 19,227.22.

On BSE, 2,682 shares were traded in the counter as against an average daily volume of 19,063 shares in the past one quarter.

The stock hit a high of Rs 291 and a low of Rs 282.15 so far during the day. The stock had hit a 52-week low of Rs 263 on 25 June 2013. The stock had hit a record high of Rs 386.95 on 22 February 2013.

The stock had underperformed the market over the past one month till 2 July 2013, rising 0.70% compared with the Sensex's 1.50% fall. The scrip had also underperformed the market in past one quarter, falling 15.13% as against Sensex's 2.22% rise.

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

Recent rally in Mcleod Russel India shares was triggered by media reports that tea prices in India surged after higher temperature and lower rainfall in Assam raised concerns over production amid robust demand from local buyers for good quality leaf.

Mcleod Russel India reported net loss of Rs 147.07 crore in Q4 March 2013 as against net loss of Rs 157.39 crore in Q4 March 2012. Net sales rose 27.90% to Rs 323.01 crore in Q4 March 2013 over Q4 March 2012.

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

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