The stock had hit an intra day high yesterday at Rs.138 before it slipped into the red. With a market cap of Rs.200 crore, company stated that it plans to set up a new manufacturing facility in East India to cater to the growing demand. It needs around 22 acres of land for the new facility and the news is that the Orissa Govt has offered it the necessary land and Everest may set up the project there. It needs to move fast as it has set the target of getting new facility on stream within the next 15 months.
For 9MFY11, the company’s net sales stood at Rs.525 crore v/s Rs.654 crore for 12MFY10. Net profit for 9MFY11 has equal to that of 12MFY10 at Rs.30 crore, meaning the company is sure to end the current fiscal on a much higher note. Its aim is to cross Rs.1000-mark turnover in FY12. The growth has been stable and facing capacity constraints, it is good that company is expanding or else would have started stagnating. The current price is discounted 5 times on the annualized EPS of Rs.27 for FY11.
Source: Internet (By S P Tulsian)
may open flat to positive and flat trading expected today with very high volatility.