Pidilite Industries nudges higher after decent Q2 outcome

Pidilite Industries was up 0.72% to Rs 681.25 at 11:15 IST on BSE after consolidated net profit rose 13.1% to Rs 231 crore on 9.1% growth in gross sales to Rs 1522 crore in Q2 September 2016 over Q2 September 2015.

The result was announced after market hours yesterday, 9 November 2016.

Meanwhile, the S&P BSE Sensex was up 463.39 points or 1.7% at 27,715.92.

On BSE, so far 14,000 shares were traded in the counter as against average daily volume of 39,000 shares in the past two weeks. The stock was volatile. The stock rose as much as 3.79% at the day's high of Rs 702 so far during the day. The stock was up 0.39% at the day's low of Rs 679 so far during the day. The stock had hit a record high of Rs 769.50 on 29 July 2016. The stock had hit a 52-week low of Rs 521.05 on 14 December 2015. The stock had underperformed the market over the past one month till 9 November 2016, sliding 5.9% compared with 2.88% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 6.57% as against Sensex's 2.96% fall.

The large-cap company has equity capital of Rs 51.27 crore. Face value per share is Rs 1.

Bharat Puri, Managing Director, Pidilite Industries, commented that in the context of continued challenging market conditions, the company delivered steady sales volume growth. It continues to focus on growing its core categories through appropriate investment and driving operational efficiencies, Puri said.

Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India.

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