Shares of Esab India which had surged yesterday ahead of its fourth quarter earnings were trading over 6% lower at Rs 451 after the company reported weak earnigns for the quarter ended December 31, 2013.
Net profit for the fourth quarter ended December 31, 2013 was down nearly 33% Rs 7.06 crore compared with Rs 10.57 crore in the corresponding quarter last year on the back of lower sales income.
Net sales for the December quarter was lower at Rs 109.30 crore compared with Rs 122.10 crore in the same quarter last fiscal.
Further, the board at its meeting held on February 19, 2014 have proposed a dividend of RS 1/- per equity share of face value Rs 10/- each.
Over 38,000 shares were traded on both the stock exchanges so far.
