Energy Development Company charged up after hike in stake by a director

Energy Development Company was frozen at the 10% upper circuit at Rs 47.45 at 14:51 IST after a director in the firm Pankaja Kumari Singh raised her holding in the firm by 0.63% through open market purchases.

The company made the announcement of the hike in stake by Pankaja Kumari Singh after market hours on Monday, 23 March 2009.

Meanwhile, BSE Sensex was up 89.92 points or 0.95% to 9,513.84.

On BSE, 38396 shares were traded in the counter with pending buy orders of 5201 shares at maximum limit. The stock had an average daily volume of 8570 shares in the past one quarter.

The stock hit a high of Rs 47.45 and a low of Rs 45.10 so far during the day. The stock had hit a 52-week high of Rs 168.45 on 25 March 2008 and a 52 week low of Rs 31.20 on 3 December 2008.

The small-cap scrip had outperformed the market over the past one month till 23 March 2009, galloping 19.36% as compared to the Sensex's 6.57% rise. It also outperformed the market in the past one quarter, gaining 0.35% as compared to the Sensex's 2.71% fall

The company's current equity is Rs 27.50 crore. Face value per share is Rs 10.

The current price of Rs 47.45 discounts Q3 December 2008 annualised EPS of Rs 8.73, by a PE multiple of 5.43.

A filing to the BSE dated 23 March 2009 showed Pankaja Kumari Singh acquired 1,73,488 shares between 9 to 20 March 2009. Post the latest acquisition, Singh's holding in the company rose to 1.54% from 0.90% earlier. Meanwhile, Amar Singh, Chairman of Energy Development Company and Samajwadi Party leader also hiked his stake to 0.91% in the company after buying 1,700 shares from open market on 18 March 2009, a BSE filing on 19 March 2009 showed. Pankaja Kumari Singh is Amar Singh's wife.

Energy Development Company is into electricity generation and operates a 9-megawatt (mw) hydro electric plant at Harangi and a 1.5-MW wind mill at Hassan district in Karnataka.

The company's net profit rose 43.20% to Rs 6 crore on 16.10% rise in net sales to Rs 18.19 crore in Q3 December 2008 over Q3 December 2007.