Nitin Fire Protection spurts nearly 20% in two sessions

Nitin Fire Protection Industries rose 5% to Rs 38.60 at 15:30 IST on BSE, extending Tuesday's 13.58% rise triggered by reports that the company is planning to do an acquisition in Europe.

The stock surged 13.58% to Rs 36.80 on Tuesday, 13 January 2015. The stock has risen 19.14% in two trading sessions from Rs 32.40 on Monday, 12 January 2015.

Meanwhile, the BSE Sensex was down 78.91 points, or 0.29%, to 27,346.82.

On BSE, so far 3.24 lakh shares were traded in the counter, compared with an average volume of 1.53 lakh shares in the past one quarter.

The stock hit a high of Rs 39.80 and a low of Rs 37.90 so far during the day. The stock hit a record high of Rs 66.75 on 3 July 2014. The stock hit a 52-week low of Rs 30.15 on 2 December 2014.

The stock had outperformed the market over the past one month till 13 January 2015, rising 13.23% compared with 0.27% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 29.85% as against Sensex's 3.95% rise.

The small-cap company has an equity capital of Rs 58.45 crore. Face value per share is Rs 2.

Nitin Fire Protection Industries' director Rahul Shah was quoted by media as saying that the company is looking to do an acquisition in Europe by 2015-end. The board resolution to raise funds has already been passed, he added.

Net profit of Nitin Fire Protection Industries declined 35.75% to Rs 2.48 crore on 9.62% rise in net sales to Rs 159.64 crore in Q2 September 2014 over Q2 September 2013.

Nitin Fire Protection Industries makes fire protection and intelligent building management systems. The company provides end-to-end solutions for fire protection, comprising manufacturing, designing, engineering, commissioning and maintenance.

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