Bonus Issue Peps Suraj Stainless Up
On its plans to mull over bonus issue, Suraj Stainless climbed up 5% to Rs 337.50. The share price touched a high of Rs 337.50 and a low of Rs 333.20.
Nearly, 13,322 shares were traded on the BSE. The scrip clocked a standard daily volume of 15,571 shares in the past one quarter. On 5 June 2007, the company’s share price turned down from Rs 292.95 to Rs 276.30 on 7 June 2007. It rose since then to reach a high of Rs 321.45 on 19 June 2007.
After market hours on Tuesday, 19 June 2007, the company declared that it would think about bonus shares issue in a board meeting on 26 June 2007.
On 25 May 2007, Suraj Stainless had annunciated that it had productively set up and licensed the novel piercing mill to manufacture stainless steel mother hollow, from stainless steel round bar.
The company had recorded 112.28% increase to Rs 3.63 crore in its fourth quarter net profit as against Rs 1.71 crore in Q4 March 2006. Sales jumped 145.07% to Rs 80.70 crore in Q4 March 2007 as against Rs 32.93 crore in Q4 March 2006.
Suraj Stainless is an export house recognized by the Indian government. It also produces and exports stainless steel seamless and welded pipes, tubes and U tubes.