Zuari Agro hits a new low
Zuari Agro has hit a new 52-week low today at Rs.85.55 and it continues to hover at the same low levels. Volumes are pretty muted at less than 600 shares.
The stock has hit the red after the company reported a set of very dismal numbers for Q1FY14. It reported a loss of Rs 98.34 crore due to sharp decline in sales and the depreciating rupee too added to its woes. Net sales dropped 38% (YoY) at Rs.727 crore. The depreciating value of rupee put an additional burden of Rs 60.86 crore on the company during the quarter. But the biggest issue was that its complex fertiliser plant was operational for only 19 days during the quarter. This was mainly on account of non-availability of water from the Government of Goa and the plant remained shut from 25th March and reopened only on 5th June.
Promoted in 1967 in Goa, by pioneering industrialist Dr KK Birla, Zuari Agro Chemicals is one of the leading fertilizer conglomerates in India.. The company produces high-quality complex fertilizers of various grades along with seeds, pesticides, micro nutrients, and specialty fertilizers.