BASF India surges 10% on robust Q1 results

BASF India has moved higher by 10% to Rs 1,120, bouncing back nearly 14% from intra-day low on the BSE after the company reported profit before exceptional items of Rs 8.26 crore for the quarter ended June 30, 2016 (Q1FY17), against loss of Rs 19.44 crore in the year ago quarter.

The company engaged in specialty chemicals business posted net profit of Rs 9.81 crore during the quarter.  It had reported profit of Rs 78.64 crore in previous year quarter, which include profit of Rs 118 crore due to sale of its non-core assets and divestment of textiles chemical business.

Net sales of the company grew 2.9% at Rs 1,513 crore in Q1FY17 against Rs 1,471 crore in Q1FY16.

EBIDTA (earnings before interest, taxes, depreciation and amortization) margins expanded 114 basis points to 5.13% in June quarter from 3.99% in previous year quarter.

The stock finally settled 9.5% higher at Rs 1,117, after hitting low of Rs 986 on the BSE in intra-day trade. A combined 310,081 shares changed hands against a average sub 100,000 shares that were traded daily in past two weeks on the BSE and NSE.

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