Meanwhile, the BSE Sensex was up 21.36 points, or 0.12%, to 17,962.73.

On BSE, 2659 shares were traded in the counter as against an average daily volume of 27,600 shares in the past one quarter.

The stock hit a high of Rs 361.80 and a low of Rs 356.20 so far during the day. The stock had hit a 52-week high of Rs 411.70 on 20 January 2010 and a 52-week low of Rs 105 on 8 April 2009.

The stock had outperformed the market over the past one month till 6 April 2010, gaining 12.24% compared with the Sensex's 5.57% rise. It outperformed the market in past one quarter, rising 2.74% as against 1.36% rise in the Sensex.

The small-cap company operating in the metal melting industry has an equity capital of Rs 11.47 crore. Face value per share is Rs 10.

The current price of Rs 357 discounts the company's Q3 December 2009 annualised EPS of Rs 27.32, by a PE multiple of 13.06.

Suneel Kulkarni, the company's vice president (marketing), was quoted as saying that Electrotherm (India) is exploring southern regions, particularly Bellary, Hyderabad and Chennai as these areas had a lot of clients dealing in steel. Electrotherm has over 50 customers in Hyderabad across its product range.

Meanwhile, Kulkarni said the company had installed a 40-tonne medium frequency induction melting furnace for making steel billets at Wardha, Maharashtra. This is likely to reduce the cost of production by about Rs 800 per tonne.

The company is reportedly targeting a turnover of Rs 2,500 crore for the current financial year, as against Rs 2,000 crore in 2009-10.

Electrotherm (India)'s net profit rose 35.6% to Rs 7.84 crore on a 23% rise in sales to Rs 439.11 crore in Q3 December 2009 over Q3 December 2008.

Electrotherm India manufactures foundry furnaces, electric motorbikes, and sponge iron and steel bars, billets, and pipes.

Promoters have pledged 3 lakh shares, or 2.61% of the equity capital of the company. The total promoter shareholding in the company is 33.57% (end December 2009).