Indo Amines hits 20% upper circuit on US approval to 10 products

NEW DELHI: Shares of Indo Amines surged 20 per cent in Thursday’s trade after the company said 10 of its products got US environmental protection agency’s approval for sale in the US market. Following the development, the stock hit its 20 per cent upper circuit limit and fresh 52-week high of Rs 80.45 on BSE. Indo Amines is a high-beta stock. Its beta relative to Sensex stood at 1.72.

The stock is trading at 23.61 times its trailing 12-month EPS. The stock has hit a 52-week high of Rs 69.50 and a 52-week low Rs 35.50 so far. The company had reported a 28.21 per cent jump in June quarter net profit at Rs 3.5 crore compared with Rs 2.73 crore reported for the same quarter last year. Sales for the quarter grew 9.45 per cent from Rs 61.05 crore reported for the year-ago quarter.

Promoters held a 73.85 per cent stake in the company as of September 30 with nil institutional holding, as per data available with Capitaline.