Kalindee Rail Nirman speeds up on fund raising plan

Kalindee Rail Nirman speeds up on fund raising plan

Kalindee Rail Nirman Engineers gained 1.15% to Rs 413 at 14:58 IST on BSE, after the company said its board will meet on 18 February 2008 to consider raising up to Rs 150 crore through qualified institutional placement.

Meanwhile, BSE Sensex was up 275.72 points or 1.55% to 18,042.35 as Asian stocks recovered from early fall.

On BSE, 8,978 shares were traded in the counter. The scrip had an average daily volume of 19,408 shares in the past one quarter.

The stock hit a high of Rs 425 and a low of Rs 398 so far during the day. The stock had a 52-week high of Rs 600 on 1 January 2008 and a 52-week low of Rs 132 on 5 March 2007.

The small-cap scrip had underperformed the market over the past one month till 14 February 2008, declining 14.15% compared to the Sensex’s decline of 10.58%. It had outperformed the market in the past one quarter, gaining 44.86% compared to Sensex’s decline of 9.81%.

The company’s current equity is Rs 10.50 crore. Face value per share is Rs 10.

The current price of Rs 413 discounts its Q3 December 2007 annualized EPS of Rs 23.65, by a PE multiple of 17.46.

On 3 January 2008, Kalindee Rail Nirman Engineers bagged an order worth Rs 81 crore from Delhi Metro Rail Corporation for installation and commissioning of active field control system in 19 stations.

Kalindee Rail Nirman Engineers’ net profit rose 66.8% to Rs 6.22 crore on 91.5% growth in net sales to Rs 93.87 crore in Q3 December 2007 over Q3 December 2006.

The company is engaged in installation, commissioning of signaling and telecommunication projects and execution of gauge conversion projects for Indian Railways.