SRF slips as Chennai operations disrupted due to floods

SRF fell 3% to Rs 1,227 at 13:46 IST on BSE after the company said that the operations at its Chennai plant have been disrupted due to flooding of the factory premises caused by incessant rains.

The announcement was made during trading hours today, 2 December 2015.

Meanwhile, the BSE Sensex was down 39.70 points, or 0.15%, to 26,129.71.

On BSE, so far 12,000 shares were traded in the counter, compared with an average volume of 19,806 shares in the past one quarter.

The stock hit a high of Rs 1,274.40 and a low of Rs 1,216.35 so far during the day. The stock hit a record high of Rs 1,495.55 on 5 August 2015. The stock hit a 52-week low of Rs 830.75 on 17 December 2014.

The stock had underperformed the market over the past one month till 1 December 2015, sliding 4% compared with 1.83% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 11.28% as against Sensex's 1.84% decline.

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

SRF said that the operations at its factory located at Manali Industrial Area in Chennai, Tamil Nadu have been disrupted due to flooding of the factory premises caused by incessant rains. The factory has been shut down after midnight of 1 December 2015.

Due to heavy water logging and continuous rain, the damage could not be ascertained as of now. The factory is adequately covered by insurance. Adequate steps are being taken to restore normalcy and further updates will be communicated in due course, the company said.

On a consolidated basis, net profit of SRF rose 27.74% to Rs 100.26 crore on 2.40% decline in net sales to Rs 1150.47 crore in Q2 September 2015 over Q2 September 2014.

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

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