Pokarna recovers on bargain hunting

Pokarna rose 2.71% to Rs 206.30 at 10:00 IST on BSE, with the stock recovering on bargain hunting after yesterday's slide triggered by the company reporting weak Q2 September 2017 results.

Meanwhile, the S&P BSE Sensex was up 208.29 points or 0.63% at 33,157.50. The S&P BSE Small-Cap index advanced 0.93%, outperforming the Sensex.

On the BSE, 2,823 shares were traded on the counter so far as against average daily volumes of 6,909 shares in the past one quarter. The stock had hit a high of Rs 217 and a low of Rs 206 so far during the day. The stock had hit a record high of Rs 323 on 25 April 2017 and a 52-week low of Rs 171 on 28 September 2017.

The stock had underperformed the market over the past one month till 7 December 2017, sliding 7.12% compared with the Sensex's 1.26% fall. The stock had also underperformed the market over the past one quarter, declining 21.65% as against the Sensex's 4.06% rise. The scrip had also underperformed the market over the past one year, advancing 11.45% as against the Sensex's 25.58% rise.

The small-cap company has equity capital of Rs 6.20 crore. Face value per share is Rs 2.

Shares of Pokarna had tumbled 10.67% to settle at Rs 200.85 yesterday, 7 December 2017 after the company reported weak Q2 September 2017 results after market hours on 6 December 2017.

Pokarna's consolidated net profit fell 35.2% to Rs 12.06 crore on 9.3% decline in net sales to Rs 85.05 crore in Q2 September 2017 over Q2 September 2016.

Pokarna processes granite at its manufacturing facilities with raw material majorly sourced from its own quarries.

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