Tide Water turns volatile

Tide Water Oil during the day rose to an intra day high of 27,560, up 5% and now it is down in the red; breaching the 5% lower circuit at Rs.24,959, with profit booking coming in after its results, bonus and split shares.

The company declared a set of bumper numbers for Q3Fy16. Net sales for the quarter rose 5% (YoY) at Rs.246 crore. Thanks to the falling crude oil prices, raw material price slipped 20% and this changed everything for the company. EBITDA rose 83% to Rs.33 crore. Other income rose 58% and all this helped the company end the quarter with a net profit of Rs.26 crore, up 86%.

The company declared a 1:1 bonus and announced a split of every 1 (one) share of the Company having face value Rs.10/- each into 2 (two) shares of face value Rs.5/- each, subject to approval of the shareholders.