Supreme Petrochem slips after weak Q3 outcome

Supreme Petrochem fell 4.06% to Rs 63.75 at 10:40 IST on BSE after net profit slumped 62.84% to Rs 9.78 crore on 4.23% increase in net total income from operations to Rs 823.40 crore in Q3 March 2014 over Q3 March 2013.

The company made the announcement after market hours on Monday, 21 April 2014.

Meanwhile, the BSE Sensex was up 42.72 points, or 0.19%, to 22,807.55.

On BSE, so far 68,000 shares were traded in the counter, compared with an average volume of 19,993 shares in the past one quarter.

The stock hit a high of Rs 65.90 and a low of Rs 62.10 so far during the day. The stock hit a 52-week high of Rs 70.50 on 13 May 2013. The stock hit a 52-week low of Rs 50.95 on 26 February 2014.

The stock had outperformed the market over the past one month till 21 April 2014, rising 22.49% compared with the Sensex's 4.65% rise. The scrip had also outperformed the market in past one quarter, rising 18.34% as against Sensex's 7.12% rise.

The small-cap company has an equity capital of Rs 96.84 crore. Face value per share is Rs 10.

In a separate announcement on Monday, 21 April 2014, Supreme Petrochem said that its board has approved buyback of the company's fully paid-up equity shares from open market through the stock exchange mechanism, for an amount not exceeding Rs 33.75 crore. The maximum buyback price is set at Rs 70 per equity share. The company said it would buyback a maximum of 60 lakh equity shares and a minimum of 24.10 lakh equity shares. The company said it would utilise minimum of Rs 16.875 crore, which is 50% of the buyback size, for the buyback plan.

Supreme Petrochem (SPL), owns and operates a polystyrene facility, with an installed capacity of 2,72,000 tonnes per annum (TPA) in Raigad. The facility also includes a colouring and compounding facility with an installed capacity of 25000 TPA.