Pidilite Industries firms up after strong Q1 earnings

Pidilite Industries rose 3.09% to Rs 260 at 9:54 IST on BSE after consolidated net profit jumped 25.8% to Rs 160.99 crore on 12.1% increase in net sales to Rs 1118.81 crore in Q1 June 2013 over Q1 June 2012.

The result was announced after market hours on Tuesday, 13 August 2013.

Meanwhile, the BSE Sensex was up 7.50 points, or 0.04%, to 19,237.34.

On BSE, 42,000 shares were traded in the counter compared with average volume of 27,202 shares in the past one quarter.

The stock hit a high of Rs 266 and a low of Rs 257.50 so far during the day. The stock hit a record high of Rs 302.75 on 19 July 2013. It hit a 52-week low of Rs 176.85 on 17 August 2012.

The stock had underperformed the market over the past one month till 13 August 2013, sliding 10.74% compared with the Sensex's 3.65% decline. The scrip had also underperformed the market in past one quarter, falling 12.46% as against Sensex's 2.35% fall.

The large-cap company has an equity capital of Rs 51.26 crore. Face value per share is Re 1.

In a separate announcement, Pidilite Industries said that its board approved acquisition of the adhesive business of Suparshva Adhesives. The slump sale agreement includes brands, know-how and other assets pertaining to the adhesive business. The gross turnover for the year ended 31 March 2013 of the business being acquired is less than 1% of the company's turnover, Pidilite said.

Pidilite Industries' product range includes adhesives and sealants, construction and paint chemicals, automotive chemicals, art materials, industrial adhesives, industrial and textile resins and organic pigments and preparations. The company's adhesives brand Fevicol is the largest selling adhesives brand in Asia.

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