Sabero Organics Gujarat fell 4.21% to Rs 124 at 9:49 IST on BSE after the company said that the Gujarat Pollution Control Board advised the company to close production process at its Sarigam unit in Gujarat due to environmental concerns.
The announcement was made after market hours on Monday, 18 November 2013.
Meanwhile, the BSE Sensex was up 35.20 points, or 0.17%, to 20,885.94.
On BSE, 9,551 shares were traded in the counter compared with average volume of 5,845 shares in the past one quarter.
The stock hit a high of Rs 127.15 and a low of Rs 117.95 so far during the day. The stock hit a 52-week high of Rs 148.10 on 18 October 2013. The stock hit a 52-week low of Rs 70.50 on 4 March 2013.
The stock had underperformed the market over the past one month till 18 November 2013, falling 5.99% compared with the Sensex's 0.15% fall. The scrip had, however, outperformed the market in past one quarter, rising 32.50% as against Sensex's 12.11% rise.
The small-cap company has an equity capital of Rs 33.87 crore. Face value per share is Rs 10.
Sabero Organics Gujarat said it received a letter dated 15 November 2013, from the Environmental Engineer, Gujarat Pollution Control Board (GPCB), Gandhi Nagar, advising the company to close its production process at its Sarigam unit in Gujarat, within 15 days of the letter, stating that there were certain non-compliances of the environmental parameters.
The company said it has been making significant investments in the last two years for improving the environmental infrastructure and has been adhering to the environmental standards. The company added that it is taking necessary steps to address the concerns expressed by GPCB and to seek their permission to continue the operations.
Sabero Organics Gujarat's consolidated net profit surged 306.97% to Rs 16.37 crore on 57.37% increase in net sales to Rs 214.20 crore in Q2 September 2013 over Q2 September 2012.
Sabero Organics Gujarat manufactures speciality chemicals and crop protection chemicals. Its manufacturing facilities are located in Gujarat, India. The company has a diverse product portfolio of fungicides, herbicides, insecticides & speciality chemicals.
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