New Delhi, July 9: A 35 per cent spurt in sales turnover for the first quarter of the current fiscal failed to buoy investor sentiment at the Dr Reddy's Lab counter on the Bombay Stock Exchange. The company's sales improved from Rs 85 crore for Q1 of 1997-98 to Rs 114 crore for first quarter of 1998-99.However, the scrip dropped from Rs 470 to Rs 461, backed by a huge volume of 1.25 lakh shares. The Dr Reddy's scrip had witnessed a steady rise from a level of Rs 373 on July 3 to Rs 470 on July 8 in anticipation of good results for the first quarter. The company has performed exceedingly well on the exports front with a 84 per cent jump from Rs 12.5 crore to Rs 23 crore while domestic sales grew 18 per cent to Rs 45 crore.
Clariant shares move in tandem
Riding on a good performance for Q1 of 1998-99, The scrip of Clariant India gained Rs 6 to end at Rs 184 on the BSE. The price rise was backed by a volume of 8000 shares. The scrip rose from a level of Rs 173 on July 7. The company saw a 26 percent jump in sales to Rs 51 crore from Rs 40 crore reported during Q1 of 1997-98. The company has registered a positive growth for all units including paper and textiles. Exports have grown from Rs 11.3 crore to Rs 16.6 crore.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
