Omkar Speciality Chemicals corrects on profit booking

Omkar Speciality Chemicals fell 1.91% to Rs 174.15 at 13:59 IST on BSE on profit booking after a recent rally.

Meanwhile, the S&P BSE Sensex was up 100.30 points, or 0.34% to 29,513.96.

On the BSE, 52,000 shares were traded in the counter so far, compared with average daily volumes of 42,122 shares in the past one quarter. The stock had hit a high of Rs 181.30 and a low of Rs 174.10 so far during the day. The stock hit a 52-week high of Rs 194.60 on 18 April 2016. The stock hit a 52-week low of Rs 130.05 on 9 November 2016.

The stock had outperformed the market over the past one month till 17 April 2017, rising 13.96% compared with 0.79% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 9.30% as against Sensex's 8% rise.

The small-cap company has equity capital of Rs 20.58 crore. Face value per share is Rs 10.

Shares of Omkar Speciality Chemicals rose 7.44% in two trading sessions to Rs 177.55 yesterday, 17 April 2017, from its closing of Rs 165.25 on 12 April 2017, after the company announced during market hours on Thursday, 13 April 2017, that the National Company Law Tribunal (NCLT) approved scheme of arrangement between the company and five other :firms. The stock had surged 6.14% to settle at Rs 175.40 on 13 April 2017. The stock market was shut on Friday, 14 April 2017, for a holiday.

Omkar Speciality Chemicals announced that the NCLT, Mumbai Bench passed an order on 13 April 2017 sanctioning the composite scheme of arrangement between Omkar Speciality Chemicals, Lasa Laboratory, Urdhwa Chemicals Company, Rishichem Research, Desh Chemicals and Lasa Supergenerics and their respective shareholders and creditors.

On a consolidated basis, net profit of Omkar Speciality Chemicals rose 11.8% to Rs 10.51 crore on 16% rise in net sales to Rs 125.69 crore in Q3 December 2016 over Q3 December 2015.

Omkar Speciality Chemicals is primarily engaged in the manufacture and sale of specialty chemicals and intermediates for chemical and allied industries.

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