Atul gains as promoter revokes pledged shares

Friday 4th Dec-09
Atul rose 2.13% to Rs 84 at 12:55 IST on BSE, after one of the promoter group companies revoked a portion of shares which it had pledged earlier.
The company made this announcement after market hours on Thursday, 3 December 2009.
The stock hit a high of Rs 85 and a low of Rs 82 so far during the day. The stock had hit a 52-week high of Rs 90.50 on 1 October 2009 and a 52-week low of Rs 34 on 9 March 2009.
The company's equity capital is Rs 29.67 crore. Face value per share is Rs 10.
The current price of Rs 84 discounts the company's Q2 September 2009 annualized EPS of Rs 28, by a PE multiple of 3.
Aeon Investments, a promoter group company, has revoked 2.99 lakh shares representing 1.01% of the equity capital of the company out of 10.68 lakh shares representing 3.60% stake which it had pledged earlier.
Aeon Investments holds 6.62% of the equity capital of the company, whereas total promoter shareholding in the company is 40.26% (as on 30 September 2009).
Atul's net profit rose 16.7% to Rs 21 crore on 20.6% fall in net sales to Rs 274 crore in Q2 September 2009 over Q2 September 2008.
The company is engaged in the business of manufacturing dyes and dye intermediates, agro-chemicals, aromatic like para-Anisaldehyde, epoxy resins and pharma intermediates.