Usha Martin shines on fund raising plan
Published on Saturday, November 14th, 2009 at 4:19 PMAuthor: stockalert (2027 Articles)
Usha Martin gained 3.36% to Rs 75.40 at 10:37 IST on BSE, after the company’s board approved raising funds up to Rs 500 crore through issuing equity shares/securities by way of various modes including qualified institutional placement.
The company made this announcement after market hours on Thursday, 12 November 2009.
Meanwhile, the BSE Sensex was up 75.96 points, or 0.45%, to 16,771.99.
On BSE, 44,084 shares were traded in the counter as against an average daily volume of 5.77 lakh shares in the past one quarter.
The stock hit a high of Rs 75.50 and a low of Rs 73.50 so far during the day. The stock had hit a 52-week high of Rs 80.30 on 15 September 2009 and a 52-week low of Rs 18 on 25 November 2008.
The mid-cap stock had outperformed the market over the past one month till 12 November 2009, rising 7.36% as compared to the Sensex’s 1.94% fall. It had also outperformed the market in the past one quarter, surging 55.88% as compared to the Sensex’s return of 11.16%.
The company’s equity capital is Rs 25.02 crore. Face value per share is Rs 1.
The current price of Rs 75.40 discounts the company’s Q2 September 2009 annualized EPS of Rs 2.34, by a PE multiple of 32.22.
The company will convene an extra ordinary general meeting of shareholders on 7 December 2009 to seek their approval for the fund raising plan, it said in a filing with BSE.
Usha Martin’s net profit plunged 64.99% to Rs 14.65 crore on 18.79% fall in net sales to Rs 482.26 crore in Q2 September 2009 over Q2 September 2008.
Usha Martin is engaged in manufacturing and marketing steel wire rods and wire and wire ropes.
Promoters have pledged more than 2.01 crore representing 8.07% of the equity capital of the company. Total promoter shareholding in the company is 46.16% (as on 30 September 2009).
Source : IndiaInfoline
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