The company announced the increase in promoters' stake during trading hours today, 26 December 2008.Meanwhile, the BSE Sensex was down 99.49 points, or 1.04%, to 9,469.23.On BSE, 1,450 shares were traded in the counter. The stock had an average daily volume of 8,231 shares in the past one quarter.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 small-cap stock had outperformed the market over the past one month till 24 December 2008, gaining 8.69% as compared to the Sensex's return of 7.48%. It had underperformed the market in the past one quarter, falling 33.76% as compared to the Sensex's decline of 30.12%.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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