Omkar Speciality Chemicals corrects on profit booking

Omkar Speciality Chemicals fell 5.72% to Rs 87.30 at 12:53 IST on BSE on profit booking after a recent rally.

Meanwhile, the S&P BSE Sensex was down 6.08 points, or 0.02% to 31,215.54.

On the BSE, 1.35 lakh shares were traded in the counter so far, compared with average daily volumes of 65,860 shares in the past one quarter. The stock had hit a high of Rs 94.75 and a low of Rs 86.50 so far during the day. The stock hit a 52-week high of Rs 94.90 on 12 June 2017. The stock hit a 52-week low of Rs 59.69 on 9 November 2016.

The stock had underperformed the market over the past one month till 3 July 2017, falling 0.47% compared with 0.17% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 19.67% as against Sensex's 4.38% rise. The scrip had also outperformed the market in past one year, rising 15.75% as against Sensex's 14.45% 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 21.52% in three trading sessions to settle at Rs 92.60 yesterday, 3 July 2017, from its close of Rs 76.20 on 28 June 2017.

Meanwhile, Omkar Speciality Chemicals announced after market hours yesterday, 3 July 2017, that has framed concrete plans for its business expansion by scaling up its activities in the existing segments like pharmaceuticals and related areas. The company would further like to penetrate into segments like fragrances & flavours, foods & beverages, etc. in which new products will be launched in immediate future. These products will be having end application in FMCG sector. The company said it has already tapped opportunities in these segments in domestic and overseas markets.

The company added that it is also planning to stake claim for intellectual property rights for the new products under launch. The necessary announcements about launch of these products will be made in due course. The company is also planning for suitable business acquisitions in the field of above segments, the negotiation for which are under initial stage. The company reassured about its commitment in consolidating its position by capitalizing on the opportunities available globally.

Omkar Speciality Chemicals reported net loss of Rs 44.29 crore in Q4 March 2017 as against net profit of Rs 6.85 crore in Q4 March 2016. Net sales rose 1.90% to Rs 91.56 crore in Q4 March 2017 over Q4 March 2016.

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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