Somany Ceramics tumbled 7.96% to Rs 75.70 at 10:38 IST on BSE after net profit rose 10.4% to Rs 5.82 crore on 36% growth in net sales to Rs 257.97 crore in Q1 June 2013 over Q1 June 2012.
The Q1 result was announced after market hours on Tuesday, 23 July 2013.
Meanwhile, the S&P BSE Sensex was down 94.90 points or 0.47% at 20,207.23.
On BSE, 12,529 shares were traded in the counter as against average daily volume of 3,389 shares in the past one quarter.
The stock hit a high of Rs 80 and a low of Rs 74.55 so far during the day. The stock had hit a 52-week low of Rs 40.10 on 30 August 2012. The stock had hit a record high of Rs 114.95 on 11 January 2013.
The stock had outperformed the market over the past one month till 23 July 2013, surging 15.85% compared with the Sensex's 8.14% jump. The scrip had also outperformed the market in past one quarter, jumping 16.01% as against Sensex's 5.85% rise.
The small-cap company has equity capital of Rs 6.90 crore. Face value per share is Rs 2.
Somany Ceramics said that high volatality in foreign exchange rates adversely impacted profit for the quarter mainly on account of higher provision of foreign exchange liabilities (MTM) in books to the extent of Rs 1.73 crore.
Somany's board approved investment up to 51% in Amora Tiles which is commissioning a plant at Morbi to produce about 2.4 million sqm of ceramic tiles per annum. The board also approved investment up to 26% in Vicon Ceramic which is commissioning a plant at Morbi to produce about 3.9 million sqm of vitrified and ceramic tiles per annum. Both the plants are expected to be operational in the last quarter of current fiscal, the company said.
Somany Ceramics is a manufacturer of ceramic tiles and allied products.
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