Overseas acquisition fails to lift Opto Circuits

Overseas acquisition fails to lift Opto Circuits

Opto Circuits India slipped 0.50% to Rs 426.75 on BSE at 12:30 IST even as the company said it signed an agreement to acquire US-based Criticare Systems for $70 million.

The company made this announcement during trading hours today, 25 February 2008.

Meanwhile, BSE Sensex was down 27.10 points or 0.16% to 17,321.97.

On BSE, 7,991 shares were traded in the counter. The scrip had an average daily volume of 46,173 shares in the past one quarter.

The stock hit a high of Rs 432.95 and low of Rs 418.50 so far during the day. The stock had a 52-week high of Rs 581 on 31 December 2007 and a 52-week low of Rs 166.10 on 8 March 2007.

The mid-cap scrip had underperformed the market over the past one month till 22 February 2008, declining 1.71% compared to the Sensex’s return of 0.74%. It had outperformed the market in the past one quarter, declining 3.49% compared to Sensex’s decline of 7.98%.

The company’s current equity is Rs 94.17 crore. Face value per share is Rs 10.

The current price of Rs 426.75 discounts its Q3 December 2007 annualized EPS of Rs 13.40, by a PE multiple of 31.85.

Criticare Systems manufactures medical equipments like vital sign monitors and anesthesia monitors and pulse oximeters.

Opto Circuits India’s net profit rose 58.9% to Rs 31.55 crore on 63.7% growth in net sales to Rs 90.43 crore in Q3 December 2007 over Q3 December 2006.

The company is engaged in designing, developing, manufacturing, marketing and distributing medical electronic devices and medical monitoring products. The group operates in two segments namely health and information technology.