Monday, June 30, 2008

McNally Bharat Engineering moves south

McNally Bharat Engineering Company slipped 2.05% to Rs 129 at 13:02 IST on BSE despite bagging an order worth Rs 47.30 crore from Mundra Port and Special Economic Zone, Ahmedabad for supply of four rail mounted bucket wheels.

The company made this announcement during trading hours today, 30 June 2008.

The stock hit a high of Rs 134 so far during the day. The stock hit a low of Rs 127.50 so far during the day, which is a 52-week low. The stock had a 52-week high of Rs 316.90 on 17 December 2007.

The company has an equity capital of Rs 31.24 crore. Face value per share is Rs 10.

The current price of Rs 129 discounts its Q4 March 2008 annualised EPS of Rs 9.86, by a

PE multiple of 13.08.

In May 2008, McNally Bharat Engineering Company (MBECL)’s board approved acquiring 68.3% in Gujarat-based Sayaji Iron & Engineering Company.

On 12 February 2008, the company received an order worth Rs 692.46 crore from Steel Authority of India (Sail) for expansion of IISCO steel plant and Bokaro steel plant.

On 4 February 2008, MBECL secured an order worth Rs 198.44 crore from Uranium Corporation of India for Tummalapalle project in the state of Andhra Pradesh.

MBECL’s net profit rose 9.1% to Rs 7.07 crore on 20.3% increase in net sales to Rs 205.75 crore in Q4 March 2008 over Q4 March 2007.

The company provides turnkey solutions in the areas of power, steel, alumina, material handling, mineral beneficiation, coal washing, ash handling and disposal, port cranes, civic and industrial water supply.

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