Between May 14 and 25, the RCL scrip gained 56 per cent from Rs 15 to close at Rs 23.40 on Monday. The scrip registered a gain of 17 per cent on Monday over its previous close. The volume jump is even more spectacular, considering that as against the average daily volume of 5,000-10,000 shares, on May 22, a whopping 11.8 lakh shares changed hands on BSE. On May 25 also, the turnover in the scrip was close to 5 lakh shares.

RCL manufactures CPC (calcinated petroleum coke) which is a crucial raw material for the manufacture of aluminium. As the global aluminium industry is currently on an upswing, the prospects in the scrip has also brightened.

Illustrating immense optimism in the project, which is a 100 per cent export oriented unit, the company has projected a turnover figure ofRs 250 crore for fiscal 1999. This is RCL's first full-year operations after the second phase of its 30,000 tpa CPC manufacturing unit went on stream recently.

Apart from CPC, the company will also benefit from selling the extra electricity generated from its 59 mw captive power plant which will use the flue gases evolved during the manufacturing process. The company, along with its Indian promoter, is also promoted by Houston Industries Energy Inc of Mauritius and Amicor of USA. IFC of USA holds a 20 per cent stake in RCL.

Earlier, during its maiden public issue the company had projected a net profit figure of Rs 43.84 crore from a turnover figure of Rs 195 crore. RCL's current equity base is Rs 110 crore.

For those who had invested in RCL's issue at par the return works out to over 130 per cent.