Ushdev International slumps after dismal Q2 results

Ushdev International hit a lower circuit limit of 5% at Rs 217.55 at 13:58 IST on BSE after the company declared poor Q2 September 2016 results after market hours yesterday, 22 November 2016.

Meanwhile, the BSE Sensex was up 131.34 points, or 0.51%, to 26,092.12.

On BSE, so far 329 shares were traded in the counter, compared with average daily volume of 82 shares in the past one quarter. The stock hit a high of Rs 240 and a low of Rs 217.55 so far during the day. The stock hit a 52-week high of Rs 349 on 13 January 2016. The stock hit a 52-week low of Rs 193.25 on 26 October 2016. The stock had outperformed the market over the past 30 days till 22 November 2016, rising 9.05% compared with the 7.87% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 8.93% as against Sensex's 7.48% decline.

The small-cap company has equity capital of Rs 33.85 crore. Face value per share is Rs 10.

Ushdev International reported net loss of Rs 123.68 crore in Q2 September 2016 as against net profit of Rs 71.82 crore in Q2 September 2015. Net sales declined 67.15% to Rs 806.10 crore in Q2 September 2016 over Q2 September 2015.

The board meeting of Ushdev International was held yesterday, 22 November 2016. The board discussed that few banks have declared the loan account of the company as non performing asset and rating agency India Ratings and Research has revised the rating of the company. The board discussed in length and the company is working on a suitable solution, it said. The announcement was made after market hours yesterday, 22 November 2016.

Meanwhile, the company's board also approved 10-for-1 stock split.

Ushdev International's core businesses are metal trading and wind power generation.

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