Waterbase has breached the upper circuit yesterday at Rs.36.80 and today too, it opened 5% higher and was frozen at this price of Rs.38 – a new 52-week high.

Promoted by the Thapar group, this is the largest aquaculture plant in India, located in Andhra. Traders and investors are enthused with the numbers which the company posted for Q1FY115 yesterday. It’s net profit for the quarter came in at Rs.7 crore, up from Rs.4 crore in Q1FY14 and over 3 times up from Q4 profit of Rs.2 crore. This bottomline was driven mainly by a healthy growth in topline. Net sales for the quarter was at Rs.86 crore, up 36% (YoY) and up 65% (QoQ).

Its equity is pretty huge at Rs.38.60 and promoters stake is at 52.47%. FIIs have no holding in the stock. There was a time when almost any company from Andhra was into aquaculture and scores of such penny stocks had got listed on the bourses. Over a period of time, most vanished from the markets and also from their business. Waterbase is probably one of the few companies which was serious about its business and continues to do well and lead in the sector. Investor fancy for the stock remains low as those burnt in the earlier ‘aquaculture’ rout continue to steer clear.