Aro Granite shines on bonus issue

Aro Granite Industries gained 1.53% to Rs 113 at 14:26 IST on BSE after the company said its board has approved to issue bonus shares in the ratio of 1:2.

On BSE, 44,534 shares were traded in the counter. The scrip had an average daily volume of 4,883 shares in the past one quarter.

The stock hit a high of Rs 119.80 and a low of Rs 111 so far during the day. The stock had a 52-week high of Rs 142 on 16 January 2008 and a 52-week low of Rs 65.70 on 19 March 2008.

The small-cap scrip had outperformed the market over the past one month till 8 May 2008, gaining 25.98% compared to the Sensex's return of 8.17%. It had also outperformed the market in the past one quarter, rising 17.34% compared to Sensex's decline of 2.20%.

The company's current equity is Rs 7.02 crore. Face value per share is Rs 10.

The current price of Rs 113 discounts its Q3 December 2007 annualised EPS of Rs 14.64, by a PE multiple of 7.72.

Aro Granite Industries' net profit declined 28.4% to Rs 2.57 crore on 1.6% fall in net sales to Rs 24.99 crore in Q3 December 2007 over Q3 December 2006.

The company is engaged in manufacturing and selling granite tiles and slabs. It exports granite to Canada, UK, South America, South Africa, Australia, New Zealand, Russia, Hawaii and other countries of the world.