Orchid Chemicals gains after kicking off debt restructuring process

The announcement was made during trading hours today, 24 June 2013.

Meanwhile, the S&P BSE Sensex was down 130.73 points, or 0.70%, to 18,643.51.

On BSE, 1 lakh shares were traded in the counter as against an average daily volume of 1.41 lakh shares in the past one quarter.

The stock hit a high of Rs 52.55 and a low of Rs 48 so far during the day. The stock had hit a 52-week low of Rs 46.75 on 13 June 2013. The stock had hit a 52-week high of Rs 131.85 on 20 July 2012.

The stock had underperformed the market over the past one month till 21 June 2013, falling 18.47% compared with the Sensex's 6.65% fall. The scrip had also underperformed the market in past one quarter, sliding 22.59% as against Sensex's 0.10% fall.

The small-cap company has an equity capital of Rs 70.45 crore. Face value per share is Rs 10.

The company today, 24 June 2013, said that due to continuing liquidity constraints and pressure on operations, the company has initiated the process of restructuring its debt and accordingly the company has made reference to the Corporate Debt Restructuring Cell (CDR Cell) through State Bank of India.

The company last week announced that its oral formulations facility at Irungattukottai near Chennai was successfully inspected and accepted by the US Food and Drug Administration (USFDA) without any observations. The Irungattukottai facility manufactures various types of dosage forms such as oral tablets and capsules in diverse dosage strengths and product categories, the company said.

Orchid Chemicals & Pharmaceuticals reported net loss of Rs 132.27 crore in Q4 March 2013, as against net profit of Rs 20.55 crore in Q4 March 2012. Net sales declined 40.7% to Rs 268.16 crore in Q4 March 2013 over Q4 March 2012.

Orchid Chemicals & Pharmaceuticals is involved in the development, manufacture and marketing of diverse bulk activities, formulations and nutraceuticals.

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