The company made the announcement during trading hours today, 26 December 2008. Meanwhile, the BSE Sensex was up 3.48 points, or 0.04%, to 9,572.20. On BSE, 59,777 shares were traded in the counter. The stock had an average daily volume of 58,440 shares in the past one quarter. The stock hit a high of Rs 42 and a low of Rs 39.60 so far during the day. The stock hit a 52-week high of Rs 177 on 2 January 2008 and a 52-week low of Rs 27.25 on 27 October 2008.
The small-cap stock had outperformed the market over the past one month till 24 December 2008, gaining 23.94% as compared to the Sensex's return of 7.48%. It had also outperformed the market in the past one quarter, falling 29.79% as compared to the Sensex's decline of 30.12%.
The company's current equity is Rs 26.64 crore. Face value per share is Rs 5. The current price of Rs 40.80 discounts the company's Q2 September 2008 annualized EPS of Rs 8.16, by a PE multiple of 5.
Buyback of foreign currency convertible bonds (FCCBs) will help reduce liabilities of the company. Man Industries India had raised $50 million through FCCBs in May 2007.
Earlier this month, India's central bank allowed companies to prematurely buyback FCCBs, as they were trading at a discount. The Reserve Bank of India (RBI), on 6 December 2008, said corporates could buy back their FCCBs if they use their foreign exchange reserves held in India or overseas or raise fresh external commercial borrowings (ECBs), provided there is a minimum discount of 15% on the book value of the FCCB.
Corporates could also buy back FCCBs out of rupee resources provided there is a minimum discount of 25% on the book value, the RBI said.
Man Industries India's net profit fell 42.6% to Rs 10.87 crore on 6.2% increase in net sales to Rs 376.55 crore in Q2 September 2008 over Q2 September 2007.
Man Industries India primarily operates through two divisions: Pipe Division and Aluminum Division. The company's pipe division supplies SAW line pipes and coating systems for high pressure applications like gas utilities, oil refiners, water utilities and other petroleum products. Man Industries also manufactures aluminum and aluminum products.
No comments:
Post a Comment