L G Balakrishnan hits 52-week high on fund buying

L G Balakrishnan & Bros spurted 11.27% to Rs 315 at 15:16 IST on BSE after Reliance Mutual Fund bought 4 lakh shares, or 5.09% equity, of the company at Rs 281 each through bulk deal on BSE on Wednesday, 5 February 2014.

Meanwhile, the BSE Sensex was down 52.96 points, or 0.26%, to 20,313.99.

On BSE, so far 35,000 shares were traded in the counter, compared with an average volume of 3,127 shares in the past one quarter.

The stock hit a high of Rs 325.50 so far during the day, which is also 52-week high for the counter. The stock hit a low of Rs 291 so far during the day. The stock hit a 52-week low of Rs 152.10 on 5 August 2013.

The stock had outperformed the market over the past one month till 5 February 2014, rising 7.64% compared with the Sensex's 2.83% fall. The scrip had outperformed the market in past one quarter, rising 22.82% as against Sensex's 3.40% decline.

The small-cap company has an equity capital of Rs 7.85 crore. Face value per share is Rs 10.

Reliance Mutual Fund bought the shares from The International Finance Corporation, which sold 4.05 lakh shares of L G Balakrishnan & Bros at Rs 281.01 on BSE.

Net profit of L G Balakrishnan & Bros rose 101.78% to Rs 17.01 crore on 4.26% rise in net sales to Rs 240.61 crore in Q3 December 2013 over Q3 December 2012.

L G Balakrishnan & Bro manufactures automotive chains under the popular brand name 'Rolon'. The company has 17 chain manufacturing plants.

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