Supreme Industries hits 52-wk

Shares of plastic processor Supreme Industries rose to its 52-week high of 785.70 rupees on strong volumes due to buying by local funds,three dealers said.

Apart from strong cash flows from the core business,the company’s commercial property in Andheri is also expected to generate profit,Anand Rathi Financial said in a recent note. Even,without the gains from the property,the company can report earnings per share of 90 rupees,it said. The company has fixed Oct 19 as record date for share split in 5:1 ratio. The brokerage has a ‘buy’ rating on the stock with a target price of 1,080 rupees before split and 216 rupees after the split. At 10:44 a.m.,the stock was up 1.76 percent at 765.55 rupees. As many as 87,173 shares of the company has changed hands so far,compared with five-day daily average volume of 90,685 shares.