Gujarat NRE Coke of Bonus and Rights issue.

Gujarat NRE Coke plunged 10.22% to Rs 112 at 12:28 IST on BSE after the company said its board will meet on 18 July 2008 to consider issue of bonus shares and rights issue.

The company made this announcement during trading hours today, 3 July 2008.

The stock hit a high of Rs 125 and a low of Rs 110.30 so far during the day. The stock had a 52-week high of Rs 181 on 27 February 2008 and a 52-week low of Rs 50 on 3 August 2007.

The company has an equity capital of Rs 337.07 crore. Face value per share is Rs 10.

The current price of Rs 112 discounts its Q4 March 2008 annualised EPS of Rs 7.62, by a

PE multiple of 14.70.

Gujarat NRE Coke’s net profit rose 26.1% to Rs 64.20 crore on 112.6% increase in net sales to Rs 380.64 crore in Q4 March 2008 over Q4 March 2007.

The company is the largest independent producer of low ash metallurgical coke in the country. It manufactures low ash metallurgical coke for the steel industry, soda ash plants, zinc smelters and foundries.