Ankit Metal & Power rose 3.2% to Rs 95.15 at 10:21 IST on BSE on reports it plans to invest Rs 1000 crore in three years to expand capacity to 5,00,000 tonnes per annum.
The stock hit a high of Rs 98.25 and a low of Rs 94 so far during the day. The stock had a 52-week high of Rs 104.40 on
The company’s current equity is Rs 32.88 crore. Face value per share is Rs 10.
The current price of Rs 95.15 discounts its Q3 December 2007 annualised EPS of Rs 7.58, by a PE multiple of 12.55.
The expansion project will be funded through a mix of debt and equity. The firm sees revenue at Rs 450 crore in the current fiscal year that ends in March 2009 (FY 2009) from Rs 350 crore in the year ended March 2008 (FY 2008), on high demand from construction and real estate sectors.
Kolkatta-based Ankit Metal and Power manufactures sponge iron, steel billets and re-rolled products.
The company’s net profit rose 124.1% to Rs 6.23 crore on 28.9% rise in sales to Rs 77.86 crore in Q3 December 2007 over Q3 December 2006.
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