Premier surges on land sale talks

Premier surged 5.80% to Rs 88.50 at 14:59 IST on BSE on reports the company will soon begin the process of selling its land near Mumbai.

The stock hit a high of Rs 92 and a low of Rs 76.50 so far during the day. The stock had a 52-week high of Rs 215 on 2 January 2008 and a 52-week low of Rs 40 on 3 April 2007.

The company’s current equity is Rs 26.09 crore. Face value per share is Rs 10.

The current price of Rs 88.50 discounts its Q3 December 2007 annualized EPS of Rs 8.46, by a PE multiple of 10.46.

Premier’s net profit declined 86.9% to Rs 5.52 crore on 47.4% growth in net sales to Rs 27.95 crore in Q3 December 2007 over Q3 December 2006.

The company is engaged in manufacturing motorcars and machine tools. The product includes machine tools, shaping and slotting machines, metal cutting including grinding machines, foundry and moulding machines. The company operates in three segments, namely, engineering, automotive and realty.