Torrent Cables gains plan for merger with group firm

Torrent Cables rose 0.83% to Rs 188.20 at 11:19 IST on BSE after it said on Monday its board would meet on 5 April 2008 to consider merging itself with Torrent Gujarat Biotech.

Torrent Gujarat Biotech hit 5% upper circuit at Rs 9.28.

The stock hit a high of Rs 199 and a low of Rs 185 so far during the day. The stock had a 52-week high of Rs 440 on 4 January 2008 and a 52-week low of Rs 143 on 3 April 2007.

The company’s current equity is Rs 7.50 crore. Face value per share is Rs 10.

The current price of Rs 188.20 discounts its Q3 December 2007 annualized EPS of Rs 34.44, by a PE multiple of 5.46.

Torrent Cables' net profit declined 8.3% to Rs 6.44 crore on 3.1% rise in net sales to Rs 49.15 crore in Q3 December 2007 over Q3 December 2006. The company declared its results on 12 January 2008.

Torrent Cables manufactures power cables and control cables. Torrent Gujarat Biotech is a producer of Penicillin drug.