Zuari Agro Chemicals declines after reverse turnaround in Q1

Zuari Agro Chemicals slumped 5.05% to Rs 175.70 at 11:51 IST on BSE after the company reported net loss of Rs 40.05 crore in Q1 June 2016 compared with net profit of Rs 1.88 crore in Q1 June 2015.

The result was announced after market hours on Friday, 9 September 2016.

Meanwhile, the S&P BSE Sensex was down 406.87 points or 1.41% at 28,390.38.

On BSE, so far 9,618 shares were traded in the counter as against average daily volume of 11,811 shares in the past one quarter. The stock hit a high of Rs 178.55 and a low of Rs 171 so far during the day. The stock had hit a 52-week low of Rs 118.20 on 29 February 2016. The stock had hit a 52-week high of Rs 209.90 on 12 May 2016. The stock had outperformed the market over the past one month till 9 September 2016, gaining 8.25% compared with Sensex's 2.54% gain. The scrip had, however, underperformed the market in past one quarter, advancing 0.46% as against Sensex's 7.6% gain.

The small-cap company has equity capital of Rs 42.06 crore. Face value per share is Rs 10.

Zuari Agro Chemicals' net sales declined 37.2% to Rs 976.42 crore in Q1 June 2016 over Q1 June 2015.

Zuari Agro Chemicals said that due to volatility in the market, the board of directors of the company at its meeting held on Friday, 9 September 2016, decided to defer the rights issue which was proposed earlier till such time as the board deems fit.

Zuari Agro Chemicals produces complex fertilizers of various grades along with seeds, pesticides, micro nutrients and specialty fertilizers.

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