Meghmani Organics jumps after CARE revises ratings of subsidiary

Meghmani Organics rose 3.58% to Rs 18.80 at 11:54 IST on BSE after the firm said that rating agency CARE revised upwards the credit ratings for long term bank facilities and short term bank facilties of the firm's subsidiary viz. Meghmani Finechem.

The announcement was made during market hours today, 9 October 2014.

Meanwhile, the S&P BSE Sensex was up 254.34 points or 0.97% at 26,501.13.

On BSE, so far 1.96 lakh shares were traded in the counter as against average daily volume of 3.52 lakh shares in the past two weeks.

The stock hit a high of Rs 19.45 and a low of Rs 18.20 so far during the day. The stock had hit a 52-week high of Rs 20.30 on 21 August 2014. The stock had hit a 52-week low of Rs 4.10 on 8 October 2013.

Meghmani Organics said that credit rating agency viz., Credit Analysis & Research (CARE) vide its letter dated 6 October 2014, revised rating of Meghmani Finechem, a 57% subsidiary of Meghmani Organics for long term bank facilities from CARE BBB (triple B) to CARE BBB+ (Triple B Plus) and for short term bank facilities from CARE A3 + (A Three Plus) to CARE A2 (A Two).

Meghmani Organics reported a consolidated net profit of Rs 7.80 crore in Q1 June 2014 as against net loss of Rs 3.63 crore in Q1 June 2013. Net sales rose 22.3% to Rs 307.76 crore in Q1 June 2014 over Q1 June 2013.

Meghmani Organics is a manufacturer of pigments and agrochemicals. It also produces a broad spectrum of commonly used pesticides for crop and non-crop applications such as public health, insect control in wood preservation and food grain storage.

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