Diamond Cable surges on new orders

DALAL STREET SPIKES

The share price of Diamond Cable hit the upper circuit of 5 per cent at Rs 135 on Monday. The stock opened at Rs 131.15 and later with large buying it shot up to hit the upper circuit.

The stock made a 52-week high of Rs 170.35 and corrected significantly in the recent downturn in the market. The Monday's rally came on the back of receipt of an order for 1400 km of transmission conductors aggregating Rs 44 crore, of which 690 km order came from L&T and 710 km for export to Africa.

Incorporated in 1992, Diamond Cable is engaged in the entire range of power cables from aluminum to copper, for power and control applications.

For the quarter ended December 2006, the company announced a net sales turnover of Rs 64.83 crore and net profit of Rs 7.60. The reported EPS for the same period is Rs 5.33.