CESC on a high on valuation

Dalal Street Spikes

 More than 4.01 lakh shares were traded on the BSE. The counter was locked at the 10 per cent upper circuit at Rs 82.50 in afternoon trades.

 The counter had lost ground in the last few trading sessions, though it has gained in the last few months rising from Rs 13.10 on March 28, 2003, to Rs 93.50 on October 15, 2003.

 According to market sources, players are buying the stock due to its attractive valuation. The company has attracted interest after the company recorded a financial turnaround.

 For the first quarter ended June 30, 2003, the company posted a net profit of Rs 15 crore compared with a net loss of Rs 23 crore in the corresponding period last year.

 Net sales increased by 16.4 per cent to Rs 640 crore from Rs 550 crore.