Banco Products in reverse gear on deferring buy back proposal

Banco Products India declined 7.49% to Rs 35.80 at 12:43 IST on BSE after its board decided to defer proposal for buy back of equity shares.

The stock hit a high of Rs 38.05 and a low of Rs 35 so far during the day. The stock had a 52-week high of Rs 51.70 on 3 January 2008 and a 52-week low of Rs 24.99 on 3 September 2007.

The company’s current equity is Rs 14.2 crore. Face value per share is Rs 2.

The current price of Rs 35.80 discounts its Q3 December 2007 annualised EPS of Rs 6.96, by a PE multiple of 5.14.

Banco Product India’s net profit rose 98.4% to Rs 12.36 crore on 20.8% growth in net sales to Rs 80.14 crore in Q3 December 2007 over Q3 December 2006.

The company is engaged in manufacturing and selling automobile ancillaries. It manufactures gaskets and radiators, which are used in sealing and cooling applications in automotive and industrial engines.