Rajendra Mechanical Industries on bonus plan

Rajendra Mechanical Industries surged 5.26% to Rs 107.15 at 11:35 IST on BSE after the company said its board will meet on 30 June 2008 to consider issue of bonus shares.

The stock hit a high of Rs 111.95 and a low of Rs 104.05 so far during the day. The stock had a 52-week high of Rs 241.75 on 2 January 2008 and a 52-week low of Rs 40.25 on 27 June 2007.

The company has an equity capital of Rs 4.79 crore. Face value per share is Rs 10.

The current price of Rs 107.15 discounts its Q3 December 2007 annualised EPS of Rs 21.80, by a PE multiple of 4.92.

Rajendra Mechanical Industries’ net profit rose 289.6% to Rs 2.61 crore on 56.2% increase in net sales to Rs 42.85 crore in Q3 December 2007 over Q3 December 2006.

The company manufactures stainless steel seamless and welded pipes and bright bars at its manufacturing unit in Andheri, Mumbai. It obtains technical assistance from Kobe Steel, Japan.