THE counter of Ador Welding, a company into welding products, has been on an upward move over the last few weeks. In the last one month, the stock price of the company has moved up by 35 per cent. On Monday, the stock was locked at the 5 per cent upper circuit level on BSE and NSE. It closed at Rs 331.05 on BSE with volume of 54,939 shares and on NSE it ended at Rs 331.65 with 75,650 shares changing hands.
The company's September quarter financial performance has propped up interest in the stock, dealers said. It reported a net profit of Rs 14.82 crore for the quarter, more than double the earlier quarter's. Its EPS for September quarter was Rs 10.9, and for first half Rs 14.66.
Talk is that with increased industrial activity, the outlook for the company is good and for full year, the annual EPS could be more than Rs 30. Several institutional investors are also buying the shares.
Great Eastern Shipping sailing high on investors' interest
Great Eastern Shipping rose on Monday. The stock rose 4.93 per cent at Rs 221.30 on BSE with a volume of 8.80 lakh shares and on NSE it closed at Rs 221.20, up 4.73 per cent with 23.70 lakh shares.
Dealers said some investors are accumulating the stock ahead of the final de-merger of the company's shipping and off-shore business. After the announcement of the de-merger, the stock price of the company had not moved.
However, investors who are aware of the valuation of off-shore business are accumulating the stock. The off-shore business would get a much higher valuation than the shipping business after it get listed around February and March next year.
Broking firms back in limelight
With the sentiment of stock market players again turning bullish, the outlook toward select stock broking firm shares has again turned bright.
Dealers said several traders have started buying shares of listed broking firms. On Monday, there was buying in several firms. But dealers said this time the buying is more active in medium-sized firms, which have niche market, in different parts of the country. Some of the stocks which were bought on Monday include; India Infoline (up 5.11 per cent at Rs 132.60 on BSE), Apollo Sindhuri (9.12 per cent at Rs 241.15), Prime Securities (4.9 per cent at Rs 61), Geojit Financial (8.87 per cent at Rs 162.85) and LKP Merchant (5 per cent at Rs 162.85).