Hinduja Foundries decline 2.42% to Rs 161 at 10:07 IST on BSE on reports private equity firms Blackstone and Primus Capital Partners are in the race to pick up a minority stake in the company.
The scrip is currently trading at its session’s low. It had touched a high of Rs 189 on the onset of trading. The stock had hit a 52-week high of Rs 314.90 on
The small-cap supplier of ferrous and non-ferrous casting has an equity capital of Rs 16.30 crore. Face value per share is Rs 10.
At the current price of Rs 161, the scrip trades at a PE multiple of 58.12, based on Q3 December 2007 annualised EPS of Rs 2.77.
The net profit of Hinduja Foundries fell 76.7% to Rs 1.13 crore on 1.8% rise in sales to Rs 106.45 crore in Q3 December 2007 over Q3 December 2006.
According to reports, the Hinduja Group had decided to sell close to 10% of its equity holding in its foundry business arm to raise around $80-100 million to part-finance its proposed capacity expansion plan and acquisition in the overseas market.
The group now holds 80% of the equity in Hinduja Foundries. The promoters want to dilute their holding, and bring it below 75%. They may reduce their stake by a maximum 10% in the company, the reports added.
Hinduja Foundries, formerly known as Ennore Foundries, manufactures iron and aluminum castings. Its products include grey iron and aluminum gravity die-castings for automobiles, compressors, industrial engines, power generators, tractors as well as for defence and marine applications.
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