Nitin fires all cyclinders

Nitin Fire Protection Industries was locked at 20% upper limit at Rs 167.15 at 15:24 IST on BSE, as one of the promoters raised stake in the company.

The company announced the increase in promoters' stake during trading hours today, 11 December 2008.

Meanwhile, the BSE Sensex was down 21.57 points, or 0.22%, to 9,633.33.

On BSE, 31,254 shares were traded in the counter. The stock had an average daily volume of 16,676 shares in the past one quarter.

The stock hit a high of Rs 167.15 and a low of Rs 140.10 so far during the day. The stock hit a 52-week high of Rs 666.90 on 4 January 2008 and a 52-week low of Rs 121.10 on 27 October 2008.

The small-cap stock had underperformed the market over the past one month till 10 December 2008, declining 12.03% as compared to the Sensex's decline of 8.36%. It had also underperformed the market in the past one quarter, declining 55.68% as compared to the Sensex's decline of 34.15%.

The company's current equity is Rs 12.60 crore. Face value per share is Rs 10.

The current price of Rs 167.15 discounts the company's Q2 September 2008 annualized EPS of Rs 18.48, by a PE multiple of 9.04.

Nitin M Shah, a promoter, has increased his stake to 19.47% in the company after acquiring 20,000 shares on 10 December 2008 through open market purchases. The total promoter holding in the company stood at 69.42% as on 30 September 2008.

Nitin Fire Protection Industries' net profit surged 98.6% to Rs 5.82 crore on 157.3% increase in net sales to Rs 31.65 crore in Q2 September 2008 over Q2 September 2007.

Mumbai-based Nitin Fire Protection Industries is a leading end-to-end solution provider for fire protection, safety and security with capabilities in manufacturing, designing, engineering, commissioning and maintenance.