HOCL's stock dropped amid profit booking and Q3 performance

The stock of Hindustan Organic Chemicals (HOCL) plunged as much as 4.9% on the last day of the week, ahead of its Q3 results that released on January 21, 2017.

Jan 22, 2017 04:01 IST India Infoline News Service

The stock of Hindustan Organic Chemicals (HOCL) plunged as much as 4.9% on the last day of the week, ahead of its Q3 results that released on January 21, 2017. 
HOCL is a manufacturer and marketer of  chemicals.
During December 2016 quarter company posted revenues of Rs 21.25 crore, registering a de-growth of 21.1% qoq, but a robust growth of 337% yoy. Company’s net loss recovered to Rs 42.87 crore as against net loss of Rs 46 crore qoq and Rs 50.08 crore yoy.
The stock of HOCL on a weekly basis tumbled 7.5%, posting gradual downbeats on the back of profit booking, after posting 20% gains for two consecutive days in the last to last week. 
The stock had zoomed on account of expected land sale plan to BPCL, which is located at Rasayani. For the same, the company had scheduled a meeting on January 20, 2017.
Stock view:-

Hindustan Organic Chemicals Ltd ended at Rs 25.15, down by Rs 1.3 or 4.91% from its previous closing of Rs 26.45 on the BSE.

The scrip opened at Rs 25.5 and touched a high and low of Rs 26.4 and Rs 25.15 respectively. A total of 151463(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 168.93 crore.

The BSE group 'T' stock of face value Rs 10 touched a 52 week high of Rs 30.95 on 13-Jan-2017 and a 52 week low of Rs 12.2 on 17-Feb-2016. Last one week high and low of the scrip stood at Rs 29.35 and Rs 24.35 respectively.

The promoters holding in the company stood at 58.78 % while Institutions and Non-Institutions held 0.02 % and 41.21 % respectively.

The stock traded above its 50 DMA.

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