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Kolkata, Aug 11 Bhuruka Gases continued its upward journey and finished close to its upper limit of 5 per cent at Rs 33.15. On Thursday after market hours the company had announced that its board approved de-listing of shares of the company from the stock exchanges of Mumbai and Bangalore.

In the past one week, the stock has gained over 27 per cent and in the last one month its gain was over 35 per cent. The small-cap industrial gases maker has an equity capital of Rs 3.52 crore and the stock’s face value is Rs 2.50. The company will hold the extraordinary general meeting on September 5 to obtain shareholders consent for voluntary delisting of the company from the stock exchanges.

Bhuruka Gases reported a net loss of Rs 0.93 crore in Q1 June 2008 as against net profit of Rs 0.24 crore in Q1 June 2007. Sales rose 7.6 per cent to Rs 9.38 crore in Q1 June 2008 over Q1 June 2007.

Apart from manufacturing and distribution of industrial gases, the company also provides engineers, who assist customers in cryogenic pressure vessels installations and supplies and maintains liquid bottling pumps.

The company’s communication to the BSE mentions that the board approved the letter received from Bhuruka Gases Holdings Pvt Ltd expressing their desire to acquire the shares from the shareholders pursuant SEBI (Delisting of Securities) Guidelines 2003.

Interestingly, this holding company’s does not figure in the list of promoter group entities, last posted to BSE in the quarter ended June 30, 2007.

According to market sources, the company has a tract record of non-transparency in terms of disseminating information through stock exchanges. For example, a note (number 4) to the 2007-08 accounts, available on the BSE site, said: “Merger proposal of Calibration Gas India Ltd, wholly owned Subsidiary, with the company is since approved by the Honble High Court of Karnataka and completion of other related formalities is under progress”.

But another note (number 3) to the results of Q1, ending June 30, 2008, said: “Merger application of Calibration Gas India Ltd, wholly owned subsidiary, with the company is pending before Hon’ble High Court of Karnataka”.

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