Bonus Issue Plan Excels Suraj Stainless
In afternoon trade, Suraj Stainless jumped 1.54% to Rs 366.25 after its directors suggested a liberal 2:1 bonus. The company made this declaration during the trading hours.
During the day, the scrip touched an intraday high of Rs 374 and an intraday low of Rs 342.70. There were 2.26 lakh shares for trading on the BSE. During the past one quarter, the scrip has an average daily volume of 18,039. At its existing rate of Rs 366.25, the scrip trades at a PE multiple of 20.80 that is based on its year ended March 2007 EPS of Rs 17.60.
The scrip had benefited 24.06% in the one month to 25 June 2007 against the Sensex’s 1.04% ascension. In the past three months, it appended 50.39% against the Sensex's 10.39% return. The stock has had its 52-week high of 380.80 on 25 June 2007 and a 52-week low of Rs 51.50 on 21 July 2007.
Previously on 25 May 2007, Suraj Stainless had accredited a new piercing mill in order to produce stainless steel mother hollow, from stainless steel round bar that is the raw material for its seamless steel plant. This will assist the company in quicker delivery of its product by not depending much on imports.
The company recorded a increase of 112.3% in its net profit during Q4 March 2007. Sales moved up 145.1% to Rs 80.70 crore in the same period.
Suraj Stainless is an export house, which is recognized by the Indian government. It also manufactures and exports stainless steel seamless and welded pipes, tubes and U tubes.