All time high Alufab to play the band

Tuesday, 19 April 2011 00:52 - - {{hitsCtrl.values.hits}}

A sharp rise of 30.5% in a session and hitting an all time level of Rs. 100 saw Alufab Plc land in the Securities and Exchange Commission (SEC)-directed price band yesterday.

Suffering from a negative networth among other problems, Alufab began trading from its previous close of Rs. 76.60 and on a volume of mere 128,500 shares the relatively illiquid stock peaked to Rs. 100 its all time high beating the previous best of Rs. 79. It hit a low of Rs. 76.90 before closing at Rs. 97, up by Rs. 20.40 or 26.6% to finish as the third biggest gainer.

Last week Alufab, which specialises in manufacture and fabrication of aluminium products, gained by Rs. 9.30 from its previous close of Rs. 67.30 with 103,900 shares changing hands via 160 trades. It hit an intra-week high of Rs. 78, just one rupee below the previous all time high of Rs. 79.

Its highest price in the quarter ended 31 December, 2010 was Rs. 51 and the lowest was Rs. 35 whilst closing was Rs. 43.In the nine months ended 31 December, 2010 it posted a profit of Rs. 0.5 million as against a loss of Rs. 1.15 million a year earlier. Turnover grew by 218% to Rs. 40.4 million.

As per SEC ruling the 10% price band will be on Alufab (with effect from 19 April 2011 to 4 May 2011 (both days inclusive). It was the first security to come under the band after the Sinhala -Tamil New Year few days preceding which there were none.