Varun Industries soared 8.91% to Rs 96 at 11:09 IST on BSE after the company said on Wednesday, 27 February 2008 it has secured two contracts worth Rs 55 crore from Oil and Natural Gas Corporation for drilling rig for a period of three years.
The company made this announcement after trading hours on
Meanwhile, BSE Sensex was down 100.19 points or 0.56% to 17,725.80, as a sharp drop in US durable goods orders and US home sales fueled recession concerns in the world's biggest economy.
On BSE, 1.20 lakh shares were traded in the counter. The scrip had an average daily volume of 4.18 lakh shares in the past one quarter.
The stock hit a high of Rs 100.90 and a low of Rs 90.20 so far during the day. The stock had a 52-week high of Rs 165 on
The small-cap scrip had underperformed the market over the past one month till
The company’s current equity is Rs 22.11 crore. Face value per share is Rs 10.
The current price of Rs 96 discounts its Q3 December 2007 annualized EPS of Rs 7.76, by a PE multiple of 12.37.
One of the two contracts is valued at Rs 50 crore. The other contract is valued at Rs 5 crore for operations and maintenance (O&M) services of a rig in Karaikal for a period of three years.
Varun Industries reported a net profit of Rs 4.29 crore on net sales of Rs 248.59 crore in Q3 December 2007. Figures of the previous corresponding year period were not available.
Mumbai-based Varun Industries is an exporter of stainless steel kitchenware, tableware, pet ware and other utility items. The company has its manufacturing plant and warehouse at Vasai, near Mumbai.
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