SRF gallops to record high after blockbuster Q1 results

SRF jumped 16.84% to Rs 684 at 09:23 IST on BSE after net profit surged 127% to Rs 99.47 crore on 14.3% rise in net sales to Rs 936.25 crore in Q1 June 2014 over Q1 June 2013.

The Q1 result was announced after market hours on Monday, 4 August 2014.

Meanwhile, the S&P BSE Sensex was up 33.62 points or 0.13% at 25,756.78

On BSE, so far 69,543 shares were traded in the counter as against average daily volume of 37,316 shares in the past one quarter.

The stock hit a record high of Rs 702.45 in intraday trade today, 5 August 2014. The stock hit a low of Rs 651 so far during the day. The stock had hit a 52-week low of Rs 125.55 on 5 August 2013.

The mid-cap company has equity capital of Rs 57.42 crore. Face value per share is Rs 10.

SRF said that Q1 June 2014 net profit jumped on the back of robust sales in most of its businesses and ramp up of production from newly commissioned units.

Reflecting on the financial performance of the company, Mr. Ashish Bharat Ram, Managing Director, SRF, explained: The overall operating performance was much better than last year. Even after accounting for the one time other income the company did well and we remain cautiously optimistic about the future.

Meanwhile, SRF's board of directors at its meeting held on Monday, 4 August 2014, has approved setting up of another specialty chemical plant at SRF's Chemical Complex in Dahej, Gujarat, at an approximate cost of Rs 113 crore. Also the company's board of directors approved an interim dividend of Rs 5 per share.

SRF is a multi-business entity engaged in the manufacture of chemical based industrial intermediates.

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