Sujana Towers strengthens

Sujana Towers strengthens

Sujana Towers gained 3.08% to Rs 162.25 at 12:06 IST on BSE, after the company said its board has approved resolution for issue of foreign currency convertible bonds, global depository receipts and American depository receipts for $75 million.

The company made this announcement during market hours today, 26 February 2008.

Meanwhile, BSE Sensex was up 109.84 points or 0.62% to 17,760.41, as Asian stocks were mostly in green following overnight rally in US stocks. US stocks rose sharply on Monday, 25 February 2008, on signs the two largest bond insurers would stabilize, bringing a wave of relief to a market dogged by concerns of further bank write-downs.

On BSE, 1.19 lakh shares were traded in the counter. The scrip had an average daily volume of 5.45 lakh shares in the past one quarter.

The stock hit a high of Rs 169.20 and a low of Rs 160 so far during the day. The stock had a 52-week high of Rs 235 on 1 January 2008 and a 52-week low of Rs 122.20 on 21 August 2007.

The small-cap scrip had underperformed the market over the past one month till 25 February 2008, declining 16.90% compared to the Sensex’s decline of 3.87%. It had outperformed the market in the past one quarter, gaining 2.94% compared to Sensex’s decline of 7.72%.

The company’s current equity is Rs 28.07 crore. Face value per share is Rs 5.

The current price of Rs 162.25 discounts its Q2 December 2007 annualized EPS of Rs 11.54, by a PE multiple of 14.06.

Sujana Towers reported a net profit of Rs 11.23 crore on net sales of Rs 139.87 crore in Q2 December 2007. Figures of the corresponding previous year period were not available.

The company manufactures galvanized steel towers. It caters to two segments, which include towers for telecom industry and towers for power transmission.