Mundra Port and Special Economic Zone firms up

Mundra Port and Special Economic Zone surged 4.06% to Rs 624.50 at 14:55 IST on BSE on reports the port will begin commercial flights into its airport by mid-2008.

Meanwhile, BSE Sensex was up 142.25 points or 0.89% to 16,065.97.

On BSE, 1.33 lakh shares were traded in the counter. The scrip had an average daily volume of 4.21 lakh shares in the past one quarter.

The stock hit a high of Rs 634.45 and a low of Rs 585 so far during the day. The stock had a 52-week high of Rs 1324 on 2 January 2008 and a 52-week low of Rs 573 on 10 March 2008.

The company’s current equity is Rs 10.75 crore. Face value per share is Rs 10.

The current price of Rs 624.50 discounts Q3 December 2007 annualized EPS of Rs 5.24 by a PE multiple of 119.18.

As per reports, the port is in talks with all the leading domestic airlines to start commercial flights by June this year. The group is also looking for partners to develop maintenance and repair facilities at the airport and also provide for aircraft parking in the long run in UK, the reports added.

Mundra Port and Special Economic Zone reported net profit of Rs 52.44 crore on net sales of Rs 205.35 crore in Q3 December 2007. Figures of the previous corresponding year period were not available.

Mundra Port and Special Economic Zone is engaged in providing port services for bulk cargo, container cargo, crude oil cargo and value- added port services, including railway services. It also generates income from land related and infrastructure activities.