Rohit Ferro-Tech slides on profit taking

Rohit Ferro-Tech fell 7.02% to Rs 8.35 at 12:24 IST on BSE, with thes stock sliding on profit booking after yesterday's rally triggered by the firm's board approval to sell a manufacturing unit in Orissa.

Meanwhile, the S&P BSE Sensex was up 60.11 points or 0.22% at 27,463.65.

On BSE, so far 3.17 lakh shares were traded in the counter as against average daily volume of 54,991 shares in the past one quarter.

The stock hit a high of Rs 9.62 and a low of Rs 8.35 so far during the day. The stock had hit a record low of Rs 6.80 on 16 December 2014. The stock had hit a 52-week high of Rs 15.24 on 8 July 2014.

The stock had outperformed the market over the past one month till 30 December 2014, surging 11.69% compared with Sensex's 4.5% fall. The scrip had, however, underperformed the market in past one quarter, sliding 13.15% as against Sensex's 2.9% rise.

The small-cap company has an equity capital of Rs 113.78 crore. Face value per share is Rs 10.

Shares of Rohit Ferro-Tech had rallied 19.73% to settle at Rs 8.98 yesterday, 30 December 2014, from Rs 7.50 on 29 December 2014, after the company after market hours on 29 December 2014 said its board approved the proposal to sell, transfer or otherwise dispose off the Jaipur manufacturing unit of the company in Orissa as going concern by way of slump sale or otherwise, subject to the such approvals and permission as may be required for such sale. Mr Rohit Patni, Managing Director and Mr Suresh Kumar Patni, Director of the company has been authorized to negotiate the proposed deal with the prospective acceptable purchasers, Rohit Ferro-Tech said.

Rohit Ferro-Tech reported a net loss of Rs 120.06 crore in Q2 September 2014, higher than net loss of Rs 60.42 crore in Q2 September 2013. Net sales declined 26.9% to Rs 518.47 crore in Q2 September 2014 over Q2 September 2013.

Rohit Ferro-Tech is engaged in manufacturing of ferro alloys.

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