Hindustan Organic Chemicals was locked at 5% upper circuit at Rs 10.10 at 10:36 IST on BSE after the company said that Maharashtra Industrial Development Corporation has approached it in connection with the sale of a plot owned by the company.
The company issued the clarification after market hours on Monday, 24 February 2014.
Meanwhile, the S&P BSE Sensex was up 36.57 points or 0.18% at 20,848.01.
On BSE, so far 7,138 shares were traded in the counter as against average daily volume of 11,536 shares in past one quarter.
The stock opened with an upward gap, surging by the maximum 5% daily circuit and remained locked at the 5% level at Rs 10.10 so far in the day. The stock had hit a 52-week high of Rs 15.30 on 8 May 2013. The stock had hit a 52-week low of Rs 6.05 on 5 August 2013.
The stock had underperformed the market over the past one month till 24 February 2014, sliding 3.32% compared with the Sensex's 1.52% fall. The scrip had also underperformed the market in past one quarter, declining 16.2% as against Sensex's 2.94% rise.
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The small-cap company has equity capital of Rs 67.17 crore. Face value per share is Rs 10.
Hindustan Organic Chemicals (HOCL) in its clarification with respect to news item viz. "MIDC eyes Hind Organic Plot Near Mumbai" said that Maharashtra Industrial Development Corporation (MIDC) approached the company and presently discussions between MIDC and HOCL are in progress. However, nothing has been concluded/finalized and will be informed to the exchange once it is finalised, HOCL said.
HOCL reported a net loss of Rs 47.54 crore in Q3 December 2013, higher than net loss of Rs 34.41 crore in Q3 December 2012. Net sales declined 73.6% to Rs 36.29 crore in Q3 December 2013 over Q3 December 2012.
HOCL manufactures basic organic chemicals essential for vital industries like resins and laminates, dyes and dyes intermediates, drugs and pharmaceuticals, rubber chemicals, paints, pesticides and others.
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