The company announced the shut down after market hours on Tuesday, 16 December 2008.Meanwhile, the BSE Sensex was down 34.81 points, or 0.35%, to 9,942.17.On BSE, 4,268 shares were traded in the counter. The stock had an average daily volume of 29,393 shares in the past one quarter.The stock hit a high of Rs 163 and a low of Rs 153.50 so far during the day. The stock hit a 52-week high of Rs 640 on 17 December 2007 and a 52-week low of Rs 115.50 on 27 October 2008.
The small-cap stock had outperformed the market over the past one month till 16 December 2008, gaining 27.24% as compared to the Sensex's return of 6.30%. It had underperformed the market in the past one quarter, declining 36.91% as compared to the Sensex's decline of 26.20%.The company's current equity is Rs 45.74 crore. Face value per share is Rs 10.The current price of Rs 155.05 discounts the company's Q2 September 2008 annualized EPS of Rs 54.62, by a PE multiple of 2.84.
Kesoram Industries has decided to shut down its tyre manufacturing unit at Balasore, Orissa, which supplies to original equipment manufacturers (OEM). The unit will be closed from 17 December 2008 to 31 December 2008. The company may announce further cuts in production if market conditions do not improve, it said in a statement.Kesoram Industries' net profit fell 30.2% to Rs 62.46 crore on 37.3% increase in net sales to Rs 920.22 crore in Q2 September 2008 over Q2 September 2007.
The company manufactures tyres, tubes, flaps, cement, viscose filament, rayon yarn, cellophane paper, sulphuric acid, caustic soda lye and hydrochloric acid. It operates mainly in four segments namely cements, tyres, rayon, transparent paper & chemicals and others.
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