Subhash Projects wins buyer, but not investors

Subhash Projects & Marketing dropped 3.40% to Rs 398 at 11:59 IST on BSE even as the company said it has bagged orders worth Rs 80.54 crore for execution of water supply projects from Chennai Metropolitan Waer Supply and Sewerage Board.

The company made this announcement during trading hours today, 3 March 2008.

Meanwhile, BSE Sensex was down 579.90 points or 3.30% to 16,998.82, as Asian stocks fell sharply amid growing concerns about the global impact of a US slowdown.

On BSE, 393 shares were traded in the counter. The scrip had an average daily volume of 27,502 shares in the past one quarter.

The stock hit a high of Rs 402 and a low of Rs 394.30 so far during the day. The stock had a 52-week high of Rs 599 on 4 January 2008 and a 52-week low of Rs 166.50 on 4 April 2007.

The mid-cap scrip had underperformed the market over the past one month till 29 February 2008, declining 1.90% compared to the Sensex’s decline of 0.40%. It had outperformed the market in the past one quarter, gaining 12.88% compared to Sensex’s decline of 9.22%.

The company’s current equity is Rs 7.33 crore. Face value per share is Rs 2.

The current price of Rs 398 discounts its Q3 December 2007 annualized EPS of Rs 16.75, by a PE multiple of 23.76.

In December 2007, the company bagged orders worth Rs 137.66 crore for refurbishment of trunk sewerage system in Delhi.

Subhash Projects & Marketing’s net profit rose 76.6% to Rs 15.35 crore on 38.8% growth to Rs 324.75 crore in Q3 December 2007 over Q3 December 2006.

The company is engaged in construction projects. The company operates in the field of water supply, sanitation and solid waste management, hydropower and electrification projects.