Moneycontrol Bureau
Shares of Shree Ganesh Jewellery House fell 10 percent intraday on Thursday as its September quarter earnings were dismal. The jewellery company posted a net loss of Rs 1047.74 crore in the July-September quarter this fiscal against a profit of Rs 82.57 crore in the corresponding quarter of FY13.
However, during the period, its income increased by 82 percent to Rs 4,142.27 crore from Rs 2,279.05 crore year-on-year.
The company's second quarter earnings were in red due to cancellation of contract by its subsidiary in UAE for purchase of bullion and non-saleability of the product as a result, it had to unwind the sales transactions and call the goods back.
Both, calling of goods back and termination of contract reduced the company's net worth by about Rs 941 crore, the earnings note added.
At 11:29 hrs Shree Ganesh Jewellery House (I) was quoting at Rs 33.30, down Rs 3.65, or 9.88 percent on the BSE.
(With inputs from PTI)
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
