Valiant Organics Falls 10% After Disappointing Second Quarter Results; Co announces 1: 1 bonus
Valiant Organics shares plunged 10% to Rs 3,085 on BSE in an otherwise strong market on Saturday after the company announced a 5% year-over-year increase in its consolidated net profit to 32.29 crore from Rs for the September quarter (Q2FY21). Operating income increased 1.7% year on year to Rs 167 crore.
With today’s fall, shares of the chemical manufacturing company are down 15% in the last two trading days. At 6:28 p.m., it was trading down 8% to Rs 3,168 on BSE, compared to a rise of 0.61% for the S&P BSE Sensex.
At the same time, the company’s board of directors authorized the issuance of free shares in a ratio of 1: 1, ie 1 free share for 1 fully paid share held.
The board of directors also approved the payment of an interim dividend for fiscal year 2020-2021 of Rs 5 per share, i.e. (50% on shares) of Rs 10 each. The company has set Wednesday, November 25, 2020, as the “registration date” for the purposes of shareholders’ rights to payment of the interim dividend.