Vishal Information Technologies on a roll

Recently listed Vishal Information Technologies surged 16.53% to Rs 304.15 at 13:53 IST on BSE extending a strong rally on sustained buying interest

Meanwhile, the BSE was down 240.91 points, or 1.64%, at 14403.64 on weak global cues. US stocks sank on Monday, 18 August 2008, as the prospect of more losses from the mortgage crisis hurt the shares of banks and the two biggest home finance providers, pushing all three major indexes down about 1.5%.

On BSE, 76.02 lakh shares were traded in the counter. The stock hit a high of Rs 311 and a low of Rs 258 so far during the day.

The stock is northbound since its debut on 11 August 2008. The stock advanced 34.58% to Rs 261.30 on 18 August 2008 from Rs 194.15 on 11 August 2008. On its day of debut, Vishal had settled at Rs 194.15 on BSE, a premium of 29.43% over the initial pubilc offer (IPO) price of Rs 150.

The small-cap IT-enabled services provider has an equity capital of Rs 10.68 crore. Face value per share is Rs 10.

The current price of Rs 304.15 discounts its year ended March 2008 annualised EPS of Rs 11.60, by a PE multiple of 26.21.

The company reported a net profit of Rs 12.36 crore on sales of Rs 40.87 crore in the year ended March 2008.

Vishal Information Technologies provides IT-enabled services (ITeS) in the areas of data digitisation, e-publishing and digital library