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Shares of building material maker Hyderabad Industries Ltd rose by 12.68 per cent on Monday to touch Rs 399, from the previous close of Rs 354.10. The buzz is that the company's expansion will kick off next month when the first of its two new plants start operations, dealers said. The second plant will begin operations in November or December.

Dealers said the company was on a high growth trajectory as demand for asbestos, a key product of the small-cap company, was expected to shoot up in coming quarters. The demand for asbestos was growing at the rate of 15 per cent year-on-year while the company was growing at 30-40 per cent, they said.

The projected EPS for the company for 2007-08 stands at Rs 75, which is excluding the provision of Rs 15 EPS in last year's balance sheet, they point out. Over 2.18 lakh shares were traded on the BSE compared to the two-week average of 55,551.

Rajesh Abraham

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