Proposed preferential issue to promoters boosts Asian Oilfield Services

Asian Oilfield Services hit 5% upper circuit at Rs 224.85 at 12:50 IST on BSE ahead of board meet today to consider issue and allotment of equity shares and/or convertible warrants on preferential basis to promoters and strategic investors.


Meanwhile the BSE Sensex was up 67.19 points or 0.35% to 19,194.92.
On BSE, 29,925 shares changed hands in the counter. The stock had an average daily volume of 91,915 shares on BSE in past one quarter.
The stock hit a high of Rs 224.85 . It is also a all time high for the scrip.It hit a low of Rs 216.10 so far during the day. It touched a 52 week low of Rs 22.10 on 29 November 2006.
The small-cap scrip outperformed the market over the past one month till 27 November 2007 rising 58.04% compared to the Sensex’s decline of 0.6%. It also outperformed over the past one quarter, rising 128.43% to Sensex’s gain of 28.87%.
The company’s current equity share capital is Rs 7.01 crore. Face value per share is Rs 10.
The current market price of Rs 224.85 discounts the Q2 September 2007 annualised EPS of Rs 1.26 by a PE multiple of 178.45.
Asian Oilfield Services reported net profit of Rs 0.22 crore in Q2 September 2007 as compared to net loss of Rs 0.24 crore in Q2 September 2006. Sales rose 471.4% to Rs 0.40 crore in Q2 September 2007 over Q2 September 2006.
The company provides services to oil & gas exploration companies in India. The services offered by the company are shot hole drilling & uphole drilling services, seismic data & seismic job services and seismic data processing and interpretation