Torrent Cables has dipped 9% to Rs 102 after reporting over 100 basis points decrease in operating margins to 6.46% for the quarter ended September 2012 from 7.85% in a year ago quarter.
The company engaged in power cables business has reported a lower-than-expected 27% year-on-year (yoy) growth in net profit at Rs 2.75 crore despite higher operational income due to higher raw material cost.
Net sales grew by 45% at Rs 100 crore, while raw material cost surged by 69% at Rs 87 crore during the recently concluded quarter.
The stock opened at Rs 110 and hit a low of Rs 101 on the Bombay Stock Exchange. Around 18,000 shares have changed hands on the counter so far against an average 25,000 shares that were traded daily in past two weeks.
