Consequently, the stock price has surged by 62.4 per cent over the week to close at Rs 606.55 and almost doubled in a month. It hit its all-time high of Rs 618 during intra-day trade on Friday.
The company had its initial public offering in the month of February 2006 in the price band of Rs 165-185. Since its listing, it has been underperforming the Sensex at a significant discount until the recent run-up.
Sadbhav Engineering is a relatively small infrastructure company, based in Gujarat, focusing on roads, highways, irrigation projects and mining operations.
Stock of the week
Stock price of Essar Oil spurted in the last week due to a huge block deals of 1.42 crore shares at Rs 49 per share by Matterhorn Ventures in a single deal. The stock hit its all time high level of 64.7 during intra-day trade on Friday. During the week , its price jumped 46.66 per cent to close at Rs 62.55. Global crude prices crossing $70 mark is also one of the reason for heightened interest in the stock. The company's Rs 10,000 crore refinery at Vadinar, Gujarat is likely to go on-stream by July 2006. Essar Oil is also planning to produce superior kerosene oil and high-speed diesel. These products constitute 60 per cent of the total demand for petroleum products in India. The company plans to increase the number of its retail outlets to 2,000-2,500 by the end of the calendar year. | ||||||||||||||||