This Arvind Mafatlal group company was in the limelight yesterday. The stock soared over 11% after the company's board approved the buyback of equity shares to the extent of Rs.13.50 crore. The proposed buyback is to the extent of 10% of the paid up capital and free reserves of the company as on March 31, 2010. It would be conducted through the tender offer route at a price of Rs.400 a share.
For quarter ended 30th June 2010, on a sequential basis, despite a 28% drop in net sales, its net profit was up over 5 times. It operates the largest integrated fluorochemicals complex in India and it also generates a good source of income from sale of Carbon Credits. The company is currently in the process of restructuring its Organic Chemicals activities including dismantling and redeploying some of the assets of its Dewas unit in other projects currently under implementation at Surat. The Dewas site is now being utilized to set up another state-of-the-art contract manufacturing facility. The new multi-purpose plant and contract research and manufacturing services initiatives will begin to bring in revenue from end FY 2011.
Source: Internet (premiuminvestments.in by SP Tulsian)
CMP Rs. 305/-
EPS Rs. 70/-
BOOK Value Rs. 288/-
FACE Value Rs. 10/-
TARGETS Rs. 375/- 490/- 650++.
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