Meghmani Organics slumped 8.14% to Rs 44 at 15:10 IST on BSE after the company announced a fire mishap at its Dahej SEZ plant, Dahej, Gujarat.
The announcement was made during market hours today, 28 July 2016.Meanwhile, the S&P BSE Sensex was up 71.56 points or 0.26% at 28,095.89.
High volumes were witnessed on the counter. On BSE, so far 12.44 lakh shares were traded in the counter as against average daily volume of 7.54 lakh shares in the past one quarter. The stock hit a high of Rs 48.30 and low of Rs 42.60 so far during the day. The stock had hit a 52-week high of Rs 49.75 on 26 July 2016. The stock had hit a 52-week low of Rs 17.30 on 8 September 2015. The stock had outperformed the market over the past one month till 27 July 2016, rising 24.9% compared with 6.14% rise in the Sensex. The scrip also outperformed the market in past one quarter, surging 56.03% as against Sensex's 7.52% rise.
The mid-cap company has equity capital of Rs 25.43 crore. Face value per share is Rs 1.
Meghmani Organics announced that an accidental fire broke out at 22.25 IST yesterday, 27 July 2016 in one of the manufacturing sections at its pigment manufacturing division situated at plot no. Z31, Z32, Dahej SEZ, Dahej, Bharuch, Gujarat. The plant has four manufacturing sections supported by other sub-sections. Only one manufacturing section of Beta Blue got affected due to fire. All the staff members are safe and no one was injured during the incident. The company is ascertaining the loss and also investigating the cause of the fire, it added.
On consolidated basis, Meghmani Organics' net profit rose 50.4% to Rs 23.38 crore on 24% rise in net sales to Rs 356.37 crore in Q4 March 2016 over Q4 March 2015.
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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.
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