Gujarat Fluorochemicals moves north on buyback plan

Gujarat Fluorochemicals rose 5.67% to Rs 205 at 15:49 IST on BSE after the company said its board will meet on 21 March 2008, to consider a proposal to buy-back equity shares.

The company made this announcement during markets hours today, 10 March 2008.

Meanwhile, BSE Sensex was up 8.07 points or 0.04% to 15,982.68.

On BSE, 66,473 shares were traded in the counter. The scrip had an average daily volume of 36,275 shares in the past one quarter.

The stock hit a high of Rs 223.90 and a low of Rs 176.35 so far during the day. The stock had a 52-week high of Rs 400 on 11 December 2007 and a 52-week low of Rs 190 on 7 March 2008.

The mid-cap scrip had underperformed the market over the past one month till 7 March 2008, declining 26.85% compared to the Sensex’s fall of 8.85%. It had also underperformed the market in the past one quarter, declining 45.03% compared to Sensex’s decline of 19.99%.

The company’s current equity is Rs 11.58 crore. Face value per share is Rs 1.

The current price of Rs 205 discounts Q3 December 2007 annualized EPS of Rs 28.44, by a PE multiple of 7.2.

The company had recently implemented a 2-for-1 stock split.

Gujarat Fluorochemicals’ net profit rose 39.1% to Rs 82.34 crore on 27.2% growth in net sales to Rs 196.68 crore in Q3 December 2007 over Q3 December 2006.

The company is engaged in manufacturing and selling refrigerant gases. The group operates in three segments namely chemicals, multiplex business and power.