Rallis India drops after weak Q1 results

Rallis India dropped 1.82% to Rs 237.55 at 14:50 IST on BSE after consolidated net profit fell 74.02% to Rs 45.25 crore on 0.43% decline in total income to Rs 467.56 crore in Q1 June 2017 over Q1 June 2016.

The announcement was made after market hours yesterday, 20 July 2017.

Meanwhile, the S&P BSE Sensex was up 117.04 points or 0.37% at 32,021.44. The S&P BSE Mid-Cap index was up 9.67 points or 0.06% at 15,188.94.

On the BSE, 26,657 shares were traded in the counter so far as against average daily volume of 34,892 shares in the past one quarter. The stock had hit a high of Rs 241.80 and a low of Rs 236 so far during the day. The stock had hit a 52-week high of Rs 264.60 on 31 March 2017. The stock had hit a 52-week low of Rs 180.25 on 22 November 2016.

The stock had underperformed the market over the past one month till 20 July 2017, declining 0.47% compared with Sensex's 1.94% rise. The scrip had also underperformed the market in past one quarter, declining 5.12% as against Sensex's 8.44% rise. The scrip had, however, outperformed the market in past one year, jumping 15.54% as against Sensex's 14.29% rise.

The mid-cap company has equity capital of Rs 19.45 crore. Face value per share is Re 1.

ln the crop protection segment the company has witnessed destocking by dealers ahead of GST implementation and down trading by framers. Consequently placement was muted during Q1 compared to the regular scale, which has since picked up in July 2017.

The board approved the divestment of its entire shares comprising 1.82 crore share or 13.68% in Advinus Therapeutics to Eurofins Pharma Services Lux Holdings SARL for Rs 17.32 crore.

The board also approved the scheme of amalgamation for the merger of Zero Waste Agro-Organics Limited, wholly owned subsidiary of the company, with the company, subject to such approvals as may be required.

Zero Waste Agro-Organics is engaged in the business of manufacture of scientifically enriched organic compost. The scheme will help in achieving cost effectiveness, operational and management efficiency.

Rallis India is one of India's leading agrochemicals companies.

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