Sesa Goa rises anew on first-quarter numbers

DALAL STREET SPIKES

Sesa Goa rallied in intra-day trades on Tuesday to touch the day's high of Rs 584 owing to strong buying support. The stock closed at Rs 577.35, up 1.3 per cent, with the volume accounting for more than shares 2.2 lakh shares on the BSE.

The counter has been witnessing a rally since it announced impressive first-quarter results on July 27, 2004.

For the quarter ended June 2004, Sesa Goa reported a 291 per cent rise in net profit to Rs 68.34 crore as against Rs 17.45 crore in the same quarter last year.

The company's net sales grew by 75.5 per cent to Rs 242.12 crore from Rs 137.92 crore during the same period. On the NSE the counter witnessed a volume of more than 6.5 lakh shares.

Analysts said the counter attracted renewed buying in the past few days on rumours that the company may announce a bonus issue.