I think lynch mobs are still legal in Bingara. We should form...

I think lynch mobs are still legal in Bingara.

We should form one.

Now that would be funny....

only joking...

This was interesting...and some may say funny too.

Varun Industries jumps 13% in two days
Capital Market / 11:58 , Aug 20, 2010

Varun Industries jumped 9.26% to Rs 157 at 11:58 IST on BSE, extending gains for the second day, after the company entered into a memorandum of understanding with Australia-based Cluff Resources Pacific NL, for exploration and development of a mine.


The company made this announcement during trading hours on Thursday, 19 August 2010, when the stock had jumped 3.75% to Rs 143.70. The stock has risen 13.36% in just two trading sessions from a recent low of Rs 138.50 on 18 August 2010, boosted by the announcement.

Meanwhile, the BSE Sensex was down 10.31 points, or 0.06% at 18,444.63.

On BSE, 7.59 lakh shares were traded in the counter as against an average daily volume of 97,425 shares in the past one quarter.

The stock hit a high of Rs 157.70 and a low of Rs 142.50 so far during the day. The stock had hit a record high of Rs 199.60 on 4 September 2009 and a 52-week low of Rs 112.50 on 27 July 2010.

The small-cap stock outperformed the market over the past one month till 19 August 2010, rising 14.05% as compared to the Sensex's return of 2.94%. It had underperformed the market in the past one quarter, rising 2.79% as compared to the Sensex's return of 12.47%.

The company has an equity capital of Rs 22.11 crore. Face value per share is Rs 10.

Varun Industries said the tie-up with the Australian firm is for the purpose of exploration and development of gold, platinum and gem stone projects on the highly prospective tenements in Southern Madagascar for which Varun Group holds mining licence.

Varun Industries said that preliminary investigations have indicated the presence of alluvial sediments containing both gold and platinum. After initial evaluation, the focus would be to carry out a detailed mapping assessment of this area, with Cluff providing highly qualified Australian Geologists and applying its technology, the company said.

Varun Industries' net profit surged 67.1% to Rs 11.61 crore on 4.2% rise in net sales to Rs 404.59 crore in Q1 June 2010 over Q1 June 2009.

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