Asahi Songwon Colors vaults on excellent results

The shares of Asahi Songwon Colors Ltd went up by 19.96% to Rs.59.20, up by Rs.9.85 compared to its previous close of Rs.49.35. There were pending buy orders for 106018 shares at the upper circuit level of Rs.59.20

1194336 shares changed hands during the day at a weighted average price of Rs.56.67. The volume was nearly 4 times higher than 2 weeks average of 304439 shares.

The stock hit an intraday high of Rs.59.20 and low of Rs.50.55.

Earlier on Wednesday evening, the company announced excellent results and declared a dividend of 10%. The company reported net profit of Rs.10.04 Crores for the year ended March 31, 2007 on an income of Rs.76.673 Crores. The EPS for the year was Rs.13.07 as the company came out with IPO only during May 2007. The diluted EPS on post IPO equity capital of Rs.12.27 Crores is Rs.8.18. The PE on current market price of Rs.59.20 works out to 7.23.

Source : Equity Bulls

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