The scrip has been hitting the upper-end of the circuit for the past two trading sessions. On Thursday, the scrip opened at the circuit at Rs 261.20 and remained frozen at that level during the entire trading session. Only, 53 shares were traded on the Bombay Stock Exchange. A day earlier, the scrip opened at Rs 220 which was also the day's low and hit the upper end of the filter at Rs 241.90, which was also the closing price of the day.

The rise in price has come on thin volume with an average of 350-400 shares being traded. This can be attributed to the low floating stock at the counter, which has aided the rise of the scrip. The company's equity capital is at Rs 5.25 crore, with the public holding less than 20 per cent.

With the company'smerger with ACCO, analysts expect sales of the merged entity to witness a spurt of around 100 per cent to Rs 200 crore. For the full year ended March 31, 1999, Cyanamid earned a net profit of Rs 3.83 crore on a turnover of Rs 107.78 crore.

The merger ratio is one share of Cyanamid Agro for 4.25 shares of ACCO. With the merger, the stake of the US parent is expected to be around 70 per cent from around 40 per cent in Cyanamid Agro at present.

Besides, Cyanamid has sold its production facility in Gujarat to AgriMore Limited, a 100 per cent subsidiary of Atul Ltd. ``The company is expected to have received around Rs 9 crore after the sale of the plant. With the hike in stake by the foreign parent, cash inflows of around Rs 9 crore and the likely spurt in sales will give a further push to the scrip on the bourses. The uptrend in the scri is expected to continue with net profit expected to zoom on a higher turnover,'' said a market participant.

For the first half of fiscal 2000, the company reported aturnover of Rs 54.57 crore with net profit at Rs 1.48 crore. It may be recalled that the company had posted a second half loss of Rs 2.07 crore in fiscal 1999 but was able to post a net profit due a first half net of Rs 5.9 crore.

Cyanamid is engaged in the production of agro chemicals. For the full year ended March 31, 1999, the company had a earnings per share (EPS) of Rs 7.29 while the annualised EPS (based on the net profit for the first half) is Rs 5.63. The company has reserves of over Rs 40 crore.