Organic Coatings galloped 9.94% to Rs 10.18 at 14:57 IST on BSE, after its promoter raised stake in the company through open market purchases.
The stock hit a high of Rs 10.29 and a low of Rs 9.03 so far during the day. The stock hit a 52-week high of Rs 24.55 on 1 January 2008 and a 52-week low of Rs 7.46 on 18 November 2008.
The company's current equity is Rs 5.97 crore. Face value per share is Rs 10.
The current price of Rs 10.18 discounts the company's Q2 September 2008 annualized EPS of Rs 1.74, by a PE multiple of 5.85.
Rajnikant K Shah, a promoter, has hiked his stake to 11.27% in the company after acquiring 2,200 shares through open market purchases on 19 December 2008. The total promoter holding in the company stood at 42.22% as on 30 September 2008.
Organic Coatings' net profit fell 13.3% to Rs 0.26 crore on 2.9% fall in net sales to Rs 9.45 crore in Q2 September 2008 over Q2 September 2007.
The company is engaged in manufacturing and marketing ink and ink products. It manufactures printing inks, acrylic polymer, resins and other ink products. The product includes printing inks and industrial coatings.
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