You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Meghmani Organics spurts on renewed buying

Capital Market 

Meghmani Organics surged 6.57% to Rs 115.10 at 9:27 IST on BSE, with the stock surging on renewed buying after the company reported strong Q2 results during market hours yesterday, 8 November 2017.

Meanwhile, the S&P BSE Sensex was up 188.67 points or 0.57% at 33,407.48.

On the BSE, 4.70 lakh shares were traded on the counter so far against the average daily volumes of 14.88 lakh shares in the past two weeks. The stock had hit a high of Rs 119.90 and a low of Rs 114.80 so far during the day.

Shares of Meghmani Organics had slumped 8.78% to settle at Rs 108 yesterday, 8 November 2017, in-line with weakness in the S&P BSE Small-Cap counter.

Meghmani Organics' consolidated net profit surged 69.45% to Rs 55.09 crore on 11% growth in revenue from operations to Rs 460.65 crore in Q2 September 2017 over Q2 September 2016. Revenue from operations figures are not comparable in the light of implementation of Goods and Services Tax (GST) with effect from 1 July 2017.

The top line growth during the quarter was driven by an impressive growth in agrochemicals and pigment segments.

Meghmani Organics is a manufacturer of pigments and agrochemicals. The company specializes in the manufacture of green and blue pigment products that span multiple applications. The company also produces a broad spectrum of commonly used pesticides for crop and non-crop applications.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, November 09 2017. 09:25 IST