Action Construction(ACE) sinks after setting record date for stock split

Action Construction Equipment declined 4.27% to Rs 314 at 10:51 IST on BSE after the company set record date for a 5-for-1 stock split.

On BSE, 974 shares were traded in the counter. The scrip had an average daily volume of 9,188 shares in the past one quarter.

The stock hit a high of Rs 343 and a low of Rs 314 far during the day. The stock had a 52-week high of Rs 670 on 7 January 2008 and a 52-week low of Rs 162 on 8 March 2007.

The small-cap scrip had underperformed the market over the past one month till 7 March 2008, declining 25.74% compared to the Sensex’s fall of 8.85%. It had also underperformed the market in the past one quarter, declining 38.94% compared to Sensex’s decline of 19.99%.

The company’s current equity is Rs 17.98 crore. Face value per share is Rs 10.

The current price of Rs 314 discounts Q3 December 2007 annualized EPS of Rs 21.20, by a PE multiple of 14.81.

Action Construction Equipment has fixed 24 March 2008 as the record date for a 5-for-1 stock split. The company announced the record date after trading hours on Friday, 7 March 2008.

Action Construction Equipment’s net profit rose 102.3% 9.53 crore on 75.4% growth in net sales to Rs 106.29 crore in Q3 December 2007 over Q3 December 2006.

The company is engaged in manufacturing and selling cranes. The products include hydraulic mobile cranes, tower cranes, loader and other construction equipment.