Price on 10/10/97 : Rs 846
Price on 3/10/97 : Rs 703
A 100 per cent increase in net profit for the half year ending September 1997 to Rs 5.04 crore coupled with a 1:1 bonus issue have pushed the scrip up to Rs 869. The uncertainity surrounding its growth potential due to its overdependence on Coal India, has been averted by its focus on exports. Its shift to C750 models of drill rigs where realisations are better has also helped. The demand for its products is expected to remain high for the rest of the year, so the trend will continue to be positive. The scrip has gone up by 20.34 per cent and has gained almost Rs 150 in a week.
