McNally Bharat gains on new order win

McNally Bharat gains on new order win

McNally Bharat Engineering Company rose 1.07% to Rs 232.10 at 10:20 IST on BSE, after the company said it has received an order worth Rs 198.44 crore from Uranium Corporation of India for Tummalapalle project in the state of Andhra Pradesh.

The company made this announcement during trading hours on Friday, 1 February 2008, when the stock rose 3.42% to Rs 229.65.

Meanwhile, BSE Sensex was up 549.06 points or 3.01% to 18,791.64, 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, 2,647 shares were traded in the counter. The scrip had an average daily volume of 49,202 shares in the past one quarter.

The stock hit a high of Rs 238 and a low of Rs 232.10 so far during the day. The stock had a 52-week high of Rs 316.90 on 17 December 2007 and a 52-week low of Rs 125.25 on 3 April 2007.

The small-cap scrip had underperformed the market over the past one month till 1 February 2008, declining 21.73% compared to the Sensex’s decline of 10.33%. It had outperformed the market in the past one quarter, declining 4.95% compared to Sensex’s decline of 8.68%.

The company’s current equity is Rs 30.29 crore. Face value per share is Rs 10. The current price of Rs 232.10 discounts its Q3 December 2007 annualized EPS of Rs 6.90, by a PE multiple of 33.64.

On 25 January 2008, McNally Bharat Engineering Company (MBECL) secured an order worth Rs 28.92 crore from Bharat Heavy Electricals, Bangalore, for supplying ash-handling system.

On 14 November 2007, the company received an order worth Rs 34.21 crore from Maharashtra State Power Generation Company for its new thermal power station at Paras.

On 8 October 2007, the company secured an order worth Rs 38.31 crore from Maharashtra State Power Generation Company for design, engineering, manufacture, supply, erection, testing and commissioning of ash handling system for its new Parli thermal project.

McNally Bharat Engineering Company’s net profit rose 29.2% to Rs 4.95 crore on 4.8% growth in net sales to Rs 118.13 crore in Q3 December 2007 over Q3 December 2006.

The company provides turnkey solutions in the areas of power, steel, alumina, material handling, mineral beneficiation, coal washing, ash handling and disposal, port cranes, civic and industrial water supply.