Elecon Engineering soars on new order win

Elecon Engineering soars on new order win

Elecon Engineering Company advanced 9.95% to Rs 219.50 at 15:07 IST on BSE, on bagging an order worth Rs 11 crore from Sichaon Electricity Power Design & Consulting Company, Chandrapur, Maharashtra for supplying wagon tipplers.

The company made this announcement during trading hours today, 4 February 2008.

Meanwhile, BSE Sensex was up 366.09 points or 2.01% to 18,608.67, as Asian stocks surged with sentiment boosted by Microsoft Corp's bid for Yahoo Inc and following China's buy of a large stake in takeover target Rio Tinto.

On BSE, 3.63 lakh shares were traded in the counter. The scrip had an average daily volume of 85,305 shares in the past one quarter.

The stock hit a high of Rs 223.50 and a low of Rs 207 so far during the day. The stock had a 52-week high of Rs 343 on 20 December 2007 and a 52-week low of Rs 111 on 14 March 2007.

The mid-cap scrip had underperformed the market over the past one month till 1 February 2008, declining 38.46% compared to the Sensex’s decline of 10.33%. It had also underperformed the market in the past one quarter, declining 29.80% compared to Sensex’s decline of 8.68%.

The company’s current equity is Rs 18.57 crore. Face value per share is Rs 2.

The current price of Rs 219.50 discounts its Q3 December 2007 annualized EPS of Rs 7.15, by a PE multiple of 30.70.

On 1 February 2008, Elecon Engineering secured an order worth Rs 61.50 crore from Tecpro System, Chennai for supplying combined heat and power equipments.

On 23 January 2008, Elecon Engineering bagged orders worth Rs 47.54 crore from various clients.

Elecon Engineering Company’s net profit rose 13.1% to Rs 16.59 crore on 10.1% growth in net sales to Rs 185.24 crore in Q3 December 2007 over Q3 December 2006.

Elecon Engineering Company manufactures all kinds of mechanical handling equipment such as bucket elevators, belt conveyors, gravity roller conveyors, bag-filling machines, bag stacking machines, overhead chair conveyors.