REI Agro was locked at 5% upper circuit at Rs 2.87 at 13:07 IST on BSE after the company reported a net loss of Rs 49.70 crore in Q4 March 2014 as against net profit of Rs 67.73 crore in Q4 March 2013.
The result was announced on Saturday, 31 May 2014.
Meanwhile, the S&P BSE Sensex was up 377.38 points or 1.56% at 24,594.72.
On BSE, so far 22.11 lakh shares were traded in the counter as against average daily volume of 66.77 lakh shares in the past two weeks.
The stock opened with an upward gap, surging by the maximum 5% daily circuit and remained locked at the 5% level at Rs 2.87 so far in the day.
REI Agro's net sales declined 60.91% to Rs 512.12 crore in Q4 March 2014 over Q4 March 2013.
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REI Agro reported a net loss of Rs 38.35 crore in the year ended 31 March 2014 (FY 2014) as against net profit of Rs 211.01 crore in the year ended 31 March 2013 (FY 2013). Net sales declined 11.11% to Rs 4523.24 crore in FY 2014 over FY 2013.
On consolidated basis, REI Agro's net profit fell 39.04% to Rs 427.15 crore on 6.42% growth in net sales to Rs 10154.89 crore in FY 2014 over FY 2013.
Rei Agro's board of directors at its meeting held on Friday, 30 May 2014, gave its consent for initiating and finalizing the Corrective Action Plan (CAP) in accordance with RBI Guidelines dated 26 February 2014 for Special Mention Account (SMA) for the total debt of the company by the Joint Lenders Forum (JLF) representing all the working capital bankers, term lenders and NCD Holders.
REI Agro is engaged in processing and marketing of basmati rice.
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