Shalimar Paints extends gains after commissioning plant

Shalimar Paints rose 2.27% to Rs 234.45 at 11:08 IST on BSE, with the stock extending Tuesday's gains triggered by the company re-commissioning its Chennai plant and starting its commercial production from 4 September 2017.

Meanwhile, the S&P BSE Sensex was down 170.74 points or 0.54% at 31,638.81. The S&P BSE Small-Cap index rose 23.53 points or 0.15% at 16,216.71.

On the BSE, 11,000 shares were traded on the counter so far as against average daily volumes of 9,665 shares in the past one quarter. The stock had hit a high of Rs 237.40 and a low of Rs 230 so far during the day. The stock had hit a record high of Rs 320.30 on 17 May 2017 and a 52-week low of Rs 118.45 on 21 November 2016.

The stock had outperformed the market over the past one month till 5 September 2017, advancing 6.01% compared with the Sensex's 1.6% fall. The stock had, however, underperformed the market over the past one quarter, sliding 9.49% as against the Sensex's 1.6% rise. The scrip had outperformed the market over the past one year, advancing 11.67% as against the Sensex's 11.49% rise.

The small-cap company has equity capital of Rs 3.79 crore. Face value per share is Rs 2.

Shares of Shalimar Paints have risen 7.37% in two trading sessions to its ruling market price, from its close of Rs 218.35 on 4 September 2017, after the company announced during market hours yesterday, 5 September 2017 that it re-commissioned its Chennai plant and started its commercial production from 4 September 2017. The stock had surged 5% to settle at Rs 229.25 yesterday, 5 September 2017.

Shalimar Paints reported net loss of Rs 9.71 crore in Q1 June 2017 as against net profit of Rs 0.75 crore in Q1 June 2016. Net sales declined 20.6% to Rs 73.70 crore in Q1 June 2017 over Q1 June 2016.

Shalimar Paints is engaged in manufacturing paints, varnishes, enamels or lacquers.

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