CRANES Software International Ltd (CSIL), developer of the high-end scientific and engineering software, has gained over 250 per cent since the last week of October.

The upturn in the price is mainly on expectation of good financial performance in the remaining part of current fiscal.

CSIL stock has gained from Rs 24 (on October 28) to today's close of Rs 84.40, a gain of 251 per cent on the BSE. Along with the rise in the stock price, trading volumes have also increased. Today's volumes amounted to 30,653 shares. On Wednesday, about 3.25 lakh shares were traded in the counter. On an average, only a few thousand shares were traded in the counter during November.

Stock broking firm Pioneer Intermediaries, Strategist, Mr Sandeep Shenoy said, "CSIL is a company with good combination of software products and services in the high-end of engineering sector". The company has also executed key projects in the areas of mathematical modelling and simulation analysis, he said.

According to Mr Shenoy, it has good growth potential in the years to come.

Market players said there is a good order position and the full year of the company should be better than the last financial year.

For the year ended March 2002, the company reported net profit of Rs 10.18 crore on sales of Rs 32.69 crore and for the first-half of current fiscal, the net profit was Rs 3.66 crore on sales of Rs 14.25 crore. The paid-up capital is Rs 8.42 crore comprising 84.2 lakh shares.

The listing of CSIL follows the reverse merger of the company with the listed Eider Commercials Ltd.

As on September 2002, Prudential ICICI Mutual Fund's Technology Fund held 7.12 per cent of the company equity. Other prominent investors are: IndSec Securities (9.5 per cent) and Churu Trading Company (10.69 per cent). Promoters along with persons acting in concert holds 45.35 per cent stake.

Some brokers said that most of the company's shares are with select investors and that there is hardly any liquidity in the counter. This, they attributed as the main factor for the stock price rising in a short period of time.