Meghmani Organics spurts on renewed buying

Meghmani Organics surged 6.57% to Rs 115.10 at 9:27 IST on BSE, with the stock surging on renewed buying after the company reported strong Q2 results during market hours yesterday, 8 November 2017.

Meanwhile, the S&P BSE Sensex was up 188.67 points or 0.57% at 33,407.48.

On the BSE, 4.70 lakh shares were traded on the counter so far against the average daily volumes of 14.88 lakh shares in the past two weeks. The stock had hit a high of Rs 119.90 and a low of Rs 114.80 so far during the day.

Shares of Meghmani Organics had slumped 8.78% to settle at Rs 108 yesterday, 8 November 2017, in-line with weakness in the S&P BSE Small-Cap counter.

Meghmani Organics' consolidated net profit surged 69.45% to Rs 55.09 crore on 11% growth in revenue from operations to Rs 460.65 crore in Q2 September 2017 over Q2 September 2016. Revenue from operations figures are not comparable in the light of implementation of Goods and Services Tax (GST) with effect from 1 July 2017.

The top line growth during the quarter was driven by an impressive growth in agrochemicals and pigment segments.

Meghmani Organics is a manufacturer of pigments and agrochemicals. The company specializes in the manufacture of green and blue pigment products that span multiple applications. The company also produces a broad spectrum of commonly used pesticides for crop and non-crop applications.

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