Pidilite Industries soars after block deal

Pidilite Industries soars after block deal

Pidilite Industries galloped 12.50% to Rs 180 at 13:05 IST on BSE after a block deal of 10 lakh shares was executed in the counter at Rs 161 per share on BSE at 12:21 IST.

Meanwhile the BSE Sensex was up 98.27 points or 0.56% to 17,865.36 as Asian stocks recovered from early fall.

On BSE, 10.49 lakh shares were traded in the counter, boosted by the block deal of 10 lakh shares, which resulted in 0.39% of Pidilite’s stake changing hands. The scrip had an average daily volume of 31,335 shares in the past one quarter.

The stock hit a high of Rs 187 and a low of Rs 160.30 so far during the day. The stock had a 52-week high of Rs 220 on 5 November 2007 and a 52-week low of Rs 103 on 5 March 2007.

The mid-cap scrip had underperformed the market over the past one month till 14 February 2008, declining 10.74% compared to the Sensex’s decline of 10.58%. It also underperformed the market in the past one quarter, declining 19.23% compared to Sensex’s fall of 9.81%.

The company’s current equity is Rs 25.24 crore. Face value per share is Re 1.

The current price of Rs 180 discounts Q3 December 2007 annualized EPS of Rs 6.49, by a PE multiple of 27.43.

Pidilite Industries’ reported 69.1% rise in net profit to Rs 40.90 crore on 37.10% rise in net sales to Rs 388.90 crore in Q3 December 2007 over Q3 December 2006.

The company is engaged in manufacturing and distributing chemicals and dyestuffs. The major business segments are consumer and bazaar products and industrial products.