Friday, September 16, 2011

TESS hits new 12-month high

The news that Sri Lanka Insurance Corporation has bought 16 percent of Tess Agro PLC (TESS) made TESS shares hit a new 12-month high of Rs.6.30 yesterday,, despite the 10 percent price band it has been slapped on, analysts pointed out.

According to analysts, 3.7 million of TESS shares traded yesterday contributing Rs.23.4 million to the day’s turnover, and they all traded at Rs.6.30, up by maximum permitted daily level of 50 cents from yesterday’s Rs.5.80, going by the price band.

TESS share traded as low as Rs.3.50 during the latter part of the last week. However the fist two days of this week witnessed a TESS rally, as 65 and 31 million shares were traded last Monday and Tuesday respectively.  Wednesday also saw the trading of 15.5 million shares, which contributed Rs.90 million to the turnover.

As per the unaudited  FY11, TESS recorded an Earnings per Share of 11 cents and a Book Value per Share of Rs.1.67 as at March 31, 2011. The company has 180 million shares in issue. (IS)

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