KGN Industries went upto Rs. 55,000

After 7 yearsof suspension KGN Industries listed in BSE on wednesday.Initially it was opened at Rs 100 and after sometiome it went up to Rs 55, one knows what happened to that stock,that too the volume was too low 827 only.Someone was surely playing funny on a day when trading in KGN shares resumed after the revocation of a suspension order issued in 2001, and when there were no circuit filters applicable. Individual shareholders have a stake of just 1.43% (or 3.18 lakh shares) in KGN. Almost half, or 49%, is held by the promoter group.
Another 49.5% is with domestic corporate bodies. Anyone could have bought and sold.
After opening at Rs 100 and briefly holding at those levels, the scrip zoomed to an all-time high at Rs 55,000 per share. That's 76,288% more than its intra-day low of Rs 72. It closed the day at Rs 15,001. All this activity was on volumes of just 827 shares, and before trading in the counter was stopped at 12.20 pm.
For FY '08, KGN reported a profit of Rs 1.51 crore, which puts its earnings per share at Rs 0.68.


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