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.

Popular posts from this blog

IOB capitalises on hike in stake by LIC

-
Indian Overseas Bank rose 1.53% to Rs 46.45 at 10:31 IST on BSE, after the biggest domestic instutional investors Life Insurance Corporation of India hiked its stake in the state-run bank. The bank made this announcement after trading hours on Wednesday, 25 March 2009. Meanwhile, the BSE Sensex was up 126.19 points, or 1.31%, to 9,794.09. On BSE, 31,003 shares were traded in the counter. The stock had an average daily volume of 1.93 lakh shares in the past one quarter. The stock hit a high of Rs 47 and a low of Rs 45.95 so far during the day. The stock hit a 52-week high of Rs 156.80 on 2 May 2008 and a 52-week low of Rs 37.55 on 9 March 2009. The mid-cap bank stock had underperformed the market over the past one month till 25 March 2009, falling 3.17% as compared to the Sensex's 8.60% rise. It had also underperformed the market in the past one quarter, declining 33.94% as compared to the Sensex's 1.04% rise. The bank's current equ The current price of ...
Read more

Lok Housing & Constructions builds on fund raising plans

-
Lok Housing & Constructions jumped 6.99% to Rs 107.90 at 11:20 IST on BSE ahead of a board meeting to consider fund raising options from both foreign and local market, including an institutional placement. Meanwhile, the BSE Sensex was down 50.50 points, or 0.30%, at 15203.73. On BSE, 1.86 lakh shares were traded in the counter. The scrip had an average daily volume of 4.74 lakh shares in the past one quarter. The stock hit a high of Rs 115 and a low of Rs 102 so far during the day. The stock had a 52-week high of Rs 390.50 on 1 January 2008 and a 52-week low of Rs 96.25 on 12 June 2008. The scrip had underperformed the market over the past one month till 12 June 2008, falling 26.55% compared to the Sensex's 10.18% decline. It had also underperformed the market in the past one quarter, falling 31.39% compared to Sensex's 3.24% fall. The small-cap housing projects developer has an equity capital of Rs 42.88 crore. Face value per share is Rs 10. The current...
Read more

economic times picks

-
CMP: Rs 70.50 Target Price: Rs 90 CLSA Asia-Pacific Markets maintains an 'outperform' on Jagran Prakashan, with a 12-month price target of Rs 90. "An economic slowdown notwithstanding, improving literacy and income levels in Hindi heartland imply that drivers for Jagran's growth are still in place. With a 35% ad rate hike in 2008, Jagran continues to narrow the gap with its more expensive English rivals," the foreign brokerage said in a client note, after a Q&A reply from the management. "Rising newsprint prices have made Jagran cautious on launching new editions in FY09 and its focus this year will be profitability. While management has budgeted for a minor increase in FY10 newsprint prices, it believes that prices are likely to peak in Q2FY08 and decline thereon," it added. Neyveli Lignite CMP: Rs 117.15 Target Price: Rs 160 MERRILL Lynch has maintained its 'neutral' rating on Neyveli Lignite, with a price target of Rs 160 ...
Read more