"Great Offshore" to consider buy back of equity shares.

Great Offshore eased sharply from day’s high of Rs 651, and was now up only 0.20% to Rs 598 at 11:26 IST on BSE, after the company’s board of directors scheduled a board meet on 31 March 2008 to consider buy back of equity shares.

The stock had surged 9.06% in early trade to strike day’s high of Rs 651, boosted by buyback proposal. The stock had hit a 52-week high of Rs 1,149.95 on 8 January 2008 and a 52-week low of Rs 550 on 28 March 2007.

The company’s current equity is Rs 38.12 crore. Face value per share is Rs 10. Promoters hold 36.27% stake in the company (as at end December 2007).

The current market price of Rs 598 discounts its Q3 December 2007 annualised EPS of Rs 57.75 by a PE multiple of 10.35.

Great Offshore had reported 46.60% rise in net profit to Rs 55.04 crore on 30.8% increase in net sales to Rs 193.99 crore in Q3 December 2007 over Q3 December 2006.

Great Offshore is an integrated offshore oilfield services provider, offering a broad spectrum of services to upstream oil and gas producers