Maithan Alloys fell 4.54% to Rs 242 at 11:43 IST on BSE, after the company said that due to heavy rains and flood, there has been severe damage to power transformer and other electrical equipment installed at the company's Visakhapatnam plant.
The announcement was made after market hours yesterday, 26 September 2016.Meanwhile, the S&P BSE Sensex was up 84.62 points, or 0.3% to 28,378.90
On BSE, so far 22,000 shares were traded in the counter as against an average daily volume of 21,749 shares in the past one quarter. The stock hit a high of Rs 250.50 and a low of Rs 210.20 so far during the day. The stock had hit a 52-week high of Rs 434.50 on 8 August 2016. The stock hit 52-week low of Rs 77 on 1 October 2015. The stock had underperformed the market over the past 30 days till 26 September 2016, falling 11.43% compared with 1.84% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 1.29% as against Sensex's 6.67% rise.
The small-cap company has equity capital is Rs 29.11 crore. Face value per share is Rs 10.
Maithan Alloys said that due to heavy rains and flood, there has been severe damage to 132 kilovolt (KV) power transformer and other electrical equipment installed at the company's Visakhapatnam plant. The full damage is yet to be ascertained, Maithan Alloys said. The transformer and other electrical equipment are fully insured, the company said. The production at the plant could be significantly affected over the next few months, it added.
Maithan Alloys' net profit rose 132.57% to Rs 18.28 crore on 36.14% growth in net sales to Rs 251.77 crore in Q1 June 2016 over Q1 June 2015.
Maithan Alloys operates in the niche value-added manganese alloy segment.
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