Dwarikesh Sugar rebounds on strong Q1 results
The stock moved higher by nearly 4% to Rs 372, bouncing back 16% from intra-day low of Rs 322 on the BSE.
 "A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai")
A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai
Dwarikesh Sugar Industries has moved higher by nearly 4% to Rs 372, bouncing back 16% from intra-day low on the BSE after the company reported a net profit of Rs 31.93 crore for the quarter ended June 30, 2016 (Q1FY17). The company had posted a net loss of Rs 56.20 crore in the same quarter last year.
Net sales of the company during the quarter under review increased by 45% at Rs 286 crore against Rs 197 crore in the corresponding quarter of previous fiscal.
The stock had seen a strong run-up in past four trading sessions ahead of Q1 results. It surged 58% from Rs 235 on July 28, as compared to 1.53% decline in the S&P BSE Sensex.
Thus far in 2016, the stock zoomed 275% from Rs 99 against 7% gain in the benchmark index.
At 02:17 pm, the stock was up 2% at Rs 365, after hitting intra-day low of Rs 322 on the BSE. The trading volumes on the counter jumped nearly four-fold with a combined 4.75 million shares changed hands on the BSE and NSE.
Net sales of the company during the quarter under review increased by 45% at Rs 286 crore against Rs 197 crore in the corresponding quarter of previous fiscal.
The stock had seen a strong run-up in past four trading sessions ahead of Q1 results. It surged 58% from Rs 235 on July 28, as compared to 1.53% decline in the S&P BSE Sensex.
Thus far in 2016, the stock zoomed 275% from Rs 99 against 7% gain in the benchmark index.
At 02:17 pm, the stock was up 2% at Rs 365, after hitting intra-day low of Rs 322 on the BSE. The trading volumes on the counter jumped nearly four-fold with a combined 4.75 million shares changed hands on the BSE and NSE.
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First Published: Aug 03 2016 | 2:21 PM IST