Dolphin Offshore Sails on Bonus Issue

Dolphin Offshore hit 10 percent upper circuit of Rs 347.15 till the closing hours of trading with nine fold increase in volumes of 18,190 shares on the BSE after its board decided to consider a bonus issue. The board is meeting on 31 October 2006. Even after outperforming the benchmark index with a gap, the stock trades at a trailing 12 month P/E of about 13 times. DOEL provides services in topside services, marine services and sub-sea services required by the oil and gas industry. The clientele of the company includes ONGC, L&T, Indian Oil Corporation, HPCL, Shipping Corporation of India, GE Shipping and the Indian Coast Guard. The company, which recently acquired Procyon Offshore Services having a fleet of 7 tugs and 1 work-boat-cum-supply vessel, is expected to bring substantial cost savings. source: Busines Standard