Plastiblends India recovers on bargain hunting

Plastiblends India rose 2.62% to Rs 227 at 11:00 IST on BSE, with the stock recovering on bargain hunting after recent slide.

Meanwhile, the S&P BSE Sensex was up 207.02 points or 0.64% at 32,804.20. The S&P BSE Small-Cap index advanced 0.99%, outperforming the Sensex.

On the BSE, 1,064 shares were traded on the counter so far as against average daily volumes of 4,645 shares in the past one quarter. The stock had hit a high of Rs 228.90 and a low of Rs 223.25 so far during the day. The stock had hit a record high of Rs 333.30 on 6 July 2017 and a 52-week low of Rs 199.50 on 27 March 2017.

The stock had underperformed the market over the past one month till 6 December 2017, sliding 9.23% compared with the Sensex's 3.36% fall. The stock had also underperformed the market over the past one quarter, declining 17.22% as against the Sensex's 2.95% rise. The scrip had also underperformed the market over the past one year, sliding 9.63% as against the Sensex's 23.51% rise.

The small-cap company has equity capital of Rs 12.99 crore. Face value per share is Rs 5.

Shares of Plastiblends India had tanked 11.59% in the preceding three trading sessions to settle at Rs 221.20 yesterday, 6 December 2017, from its closing of Rs 250.20 on 1 December 2017. The stock had tumbled by 8.14% in a single trading session yesterday, 6 December 2017, after the company reported weak Q2 results after market hours on 5 December 2017.

Plastiblends India's net profit fell 64.7% to Rs 2.80 crore on 11.2% growth in net sales to Rs 144.12 crore in Q2 September 2017 over Q2 September 2016.

Plastiblends India is engaged in the manufacturing of masterbatches.

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