Meanwhile, the BSE Sensex was up 303.10 points, or 2.11%, to 12898.85.

On BSE, 2646 lakh shares were traded in the counter. The scrip had an average daily volume of 21,253 shares in the past one quarter.

The stock hit a high of Rs 42.80 and a low of Rs 36.65 so far during the day. The stock had a 52-week high of Rs 90.10 on 29 October 2007 and a 52-week low of Rs 40 on 29 September 2008.

The scrip had underperformed the market over the past one month till 29 September 2008, falling 17.08% compared to the Sensex's 13.52% fall. It had also underperformed the market in the past one quarter, falling 21.38% compared to Sensex's 8.74% fall.

The small-cap cement maker has an equity capital of Rs 219.98 crore. Face value per share is Rs 10.

The current price of Rs 41 discounts its Q1 June 2008 annualised EPS of Rs 1.34, by a PE multiple of 30.59.

Sanghi Industries had earlier lined up a strategy to augment capacity from three million tonne to eight million tonne with an investment of Rs 1,500 crore. The group was supposed to raise funds through debt or equity for the proposed expansion.

According to reports, a tussle among the four brothers belonging to the promoter family was regarding payment of dividend. Sudhir and Anand Sanghi wanted to repay debts to banks. However, the other two brothers – Ravi and Girish Sanghi – differed. Members of the Sanghi family have also turned mediators to resolve the issue amicably.

As per reports, the Company Law Board (CLB) has also called for a faster settlement for the benefit of the group. Sudhir had earlier said that he and his elder brother Anand were willing to exit from the group if they get a fair market price for their share in the family’s assets. The duo agreed to offload stake in the group for Rs 1,000 crore each.

There are 10 companies under the Sanghi group with Sanghi Industries being the flagship company.

Sanghi Industries’s net profit declined 76.4% to Rs 7.36 crore on a 4.4% rise in sales to Rs 223.94 crore in Q1 June 2008 over Q1 June 2007.

Sanghi Industries manufactures clinker and cement products. Its plant is located at Gujarat. It markets the products in India and international markets.