As a result of strong quarterly results released the previous day, Bharat Rasayan shares witnessed an increase. The firm recorded its highest-ever price in a year at ₹10,799 by 10:34 am on May 31, 2019, on NSE.
This happened within the first hour of trading. By 10:34 am, the shares were trading at ₹10,430.05 each recording a positive yield of 13.3% from the May 30th close.
Equally on BSE, Bharat Rasayan shares reached a record high of ₹10,736 each. However, by 10:37 am the stock was quoted at ₹10,396 or up by 13.1% compared to the last close.
Strong Q4 results
The company witnessed a sharp surge in its stock prices as it announced its March quarter profit results yesterday. A consolidated net profit for the three-month period ending March is revealed as ₹67.1 crore against ₹30.2 crore in the corresponding period of the last financial year thereby showing an increase of about 220%.
There was a rise in consolidated revenue from operations which rose to $3096 million during Q4FY24 from $3058 million Q4FY23 (a YoY jump of approximately 1.2 percent).
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A dividend of INR1.5 per share at a face value of INR10 each for the financial year ended on March 31, 2024, was also declared by the agrochemical manufacturer. The company said this is subjected to approval by shareholders during its next annual general meeting.
It is important to note that Bharat Rasayan shares have gained nearly 16% so far in 2024. There has been a slow growth rate over the past year reaching close to six percent.
This data is based on the NSE which says that the total market capitalization of this corporation amounts to Rs 43.25 billion. The Mumbai-based firm went public in 1995 and it presently finds itself under NIFTY 500 index.
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