BASF India rallies 12% after company turns profitable in Q1

New Delhi: Shares of BASF India surged 12 per cent in early trade on Monday after the company returned to black in the June 2021 quarter.

The speciality chemicals maker reported a net profit of Rs 197.28 crore for the quarter ending June against a loss of Rs 31.18 crore during the corresponding period of 2020-21.

Shares of BASF India soared 12 per cent to Rs 3,795.45 on Monday. However, it was trading at Rs 3,665.10 at 10.05 am. BSE Sensex was 265.24 points, or 0.49 per cent, higher at 54,542.96 at the same time. The scrip settled at Rs 3,390.30 on Friday.

Revenue from operations during the quarter under review grew by 69.80 per cent to Rs 2,981.76 crore compared to Rs 1,755.98 crore in the same quarter of the previous financial year, BASF India said in a BSE filing.

BASF India has delivered more than 125 per cent return in 2021 so far. The counter has gained more than 40 per cent in the last one month.

Brokerage firm Emkay Global has given the counter 10 per cent weightage in its alpha portfolio of speciality chemicals. Various analysts have turned positive on the chemical sector after a strong performance by several players.