India Glycols gains 14%, Kashipur Holdings ups stake

Moneycontrol Bureau

India Glycols shares gained more than 14 percent Monday after promoter Kashipur Holdings hiked its stake in the company by 1.35 percent to 33.23 percent. Total promoter holding was 59.72 percent as of June 2013, which was increased by 4.84 percent from 54.88 percent in June 2013. Meanwhile, the company that manufactures glycols, ethoxylates and PEGs posted a loss of Rs 26.2 crore in April-June quarter as against profit of Rs 34.2 crore in a year ago period. Total income from operations dropped 15 percent to Rs 814.4 crore while operating profit slipped 29 percent year-on-year to Rs 73.8 crore and margin declined 180 bps Y-o-Y to 9.1 percent during the quarter. The stock rallied 14.5 percent to close at Rs 102 amid hefty volumes on the Bombay Stock Exchange.