Emco trips after setting record date for stock split

Emco dropped 3.08% to Rs 1100 at 10:22 IST on BSE despite setting record date for a 5-for-1 stock split.

On BSE, 70 shares were traded in the counter. The scrip had an average daily volume of 5,942 shares in the past one quarter.

The stock hit a high of Rs 1105.10 and a low of Rs 1100 far during the day. The stock had a 52-week high of Rs 1650 on 17 January 2008 and a 52-week low of Rs 715 on 7 March 2007.

The mid-cap scrip had outperformed the market over the past one month till 5 March 2008, declining 8.21% compared to the Sensex’s fall of 11.37%. It had underperformed the market in the past one quarter, declining 18.96% compared to Sensex’s decline of 16.44%.

The company’s current equity is Rs 11.76 crore. Face value per share is Rs 10.

The current price of Rs 1100 discounts Q3 December 2007 annualized EPS of Rs 57.34, by a PE multiple of 19.18.

Emco has fixed 25 March 2008 as the record date for a 5-for-1 stock split. The company announced the record date after trading hours on Wednesday, 5 March 2008.

On 21 February 2008, the company entered into a memorandum of understanding (MoU) for joint venture partnership with Edison Power (Pty), a South Africa based company, for manufacturing transformers in South Africa.

Emco’s net profit rose 52.6% to Rs 15.11 crore on 49.2% growth in net sales to Rs 243.36 crore in Q3 December 2007 over Q3 December 2006.

The company is engaged in manufacturing and marketing furnace and rectifier transformers and electronic energy meters.