Shalimar Paints spurts over 38% in five sessions

Shalimar Paints surged 15.99% to Rs 96.10 at 12:13 IST on BSE, extending recent rally triggered by the company's strong Q2 September 2013 results.

The company announced the result after market hours on Monday, 11 November 2013. The stock rose 1.94% to Rs 70.95 on Tuesday, 12 November 2013. The stock has surged 38.07% in five trading sessions from Rs 69.60 on Monday, 11 November 2013.

Meanwhile, the BSE Sensex was up 20.72 points, or 0.10%, to 20,871.46.

On BSE, 4.40 lakh shares were traded in the counter compared with average volume of 54,533 shares in the past one quarter.

The stock hit a high of Rs 96.35 and a low of Rs 82.30 so far during the day. The stock hit a 52-week high of Rs 153.70 on 22 November 2012. The stock hit a 52-week low of Rs 48.95 on 4 September 2013.

The stock had outperformed the market over the past one month till 18 November 2013, soaring 46.90% compared with the Sensex's 0.15% fall. The scrip had also outperformed the market in past one quarter, surging 53.85% as against Sensex's 12.11% rise.

The small-cap company has an equity capital of Rs 3.79 crore. Face value per share is Rs 2.

Shalimar Paints' net profit rose 48% to Rs 4.1 crore on 6% increase in revenue to Rs 122.20 crore in Q2 September 2013 over Q2 September 2012.

The company said that the improvement in profit after tax (PAT) margins was driven by lower material costs as a percentage of sales and lower trade discounts, partially offset by higher employee costs and other operating expenses.

Shalimar Paints is a pioneer in the field of paints and coating in India. It has three manufacturing units and strong footprint across the nation with more than 54 branches and depots.

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