Rain Industries shares crash 11% on Q3 loss; check details

Shares of Rain Industries Ltd fell over 11% in early trade on Monday after the chemical industry firm reported a consolidated net loss of Rs 1118.75 crore in the quarter ended December 2023 as against net profit of Rs 89.52 crore during the previous quarter ended December 2022. Sales fell 24.85% to Rs 4100.58 crore in the quarter ended December 2023 as against Rs 5456.81 crore during the quarter ended December 2022.

Rain Industries stock fell 11.29% to Rs 183.05 in early trade today. Market cap of the firm declined to Rs 6,383 crore. It was the top loser on BSE.

Rain Industries stock fell to a 52 week low of Rs 141.05 on November 22, 2023 and rose to a 52 week high of Rs 219.65 on February 19, 2024.

Rain Industries stock has gained 23.13% in a year and zoomed 33% in three months. Total 10.35 lakh shares of the firm changed hands amounting to a turnover of Rs 19.70 crore on BSE.

The stock has seen very less volatility in a year with a beta of 0.7. In terms of technicals, the relative strength index (RSI) of the stock stands at 63.1, signaling the stock is trading neither in the overbought nor in the oversold zone. Rain Industries shares are trading higher than the 5 day, 20 day, 30 day, 50 day, 100 day, 200 day moving averages.

Operating loss in Q3 stood at Rs 611.8 crore against a profit of Rs 626.5 crore in the December 2022 quarter.  Profit before tax fell to minus Rs 980.6 crore in the last quarter against Rs 335.2 crore in the December 2022 quarter.

Rain Industries is one of the world leading producers of calcined petroleum coke , coal tar pitch and other high quality basic and specialty chemical.

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