Pidilite Industries gained 2.65% to Rs 787.70 at 10:55 IST on BSE after consolidated net profit rose 9.4% to Rs 252.92 crore on 7.9% increase in net sales to Rs 1529.87 crore in Q2 September 2017 over Q2 September 2016.
The announcement was made after market hours yesterday, 8 November 2017.Meanwhile, the S&P BSE Sensex was up 42.87 points or 0.13% at 33,268.38.
More than usual volumes were witnessed on the counter. On the BSE, 47,763 shares were traded on the counter so far as against the average daily volumes of 27,136 shares in the past one quarter. The stock had hit a high of Rs 794.25 and a low of Rs 780.75 so far during the day. The stock had hit a record high of Rs 867.40 on 20 September 2017 and a 52-week low of Rs 568.75 on 26 December 2016.
The stock had underperformed the market over the past one month till 8 November 2017, falling 3.99% compared with the Sensex's 4.41% rise. The stock had also underperformed the market over the past one quarter, declining 5.19% as against the Sensex's 3.76% rise. The scrip had also underperformed the market over the past one year, advancing 10.96% as against the Sensex's 20.4% rise.
The large-cap company has equity capital of Rs 51.28 crore. Face value per share is Re 1.
Commenting on Q2 results, Bharat Puri, Managing Director of the company said that in a challenging business environment, the company delivered strong overall performance. Q2 September 2017 saw double digit growth in underlying volume and mix. The company remains cautiously optimistic for the future and remain focused on driving profitable volume growth, he added.
Meanwhile, the board of directors of Pidilite Industries approved the appointment of P Ganesh as Chief Financial Officer of the company with effect from 16 November 2017 and accordingly A N Parekh, whole time director will cease to be the interim CFO.
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Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India.
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