Andrew Yule & Company was locked at upper limit of 5% at Rs 50.50 at 14:35 IST on BSE on reports Tata Power, CESC and Reliance Energy have expressed interest in picking up 57% stake in Dishergarh Power Supply Corporation.
The stock hit a high of Rs 50.50 and a low of Rs 49.45 so far during the day. The stock had a 52-week high of Rs 95 on 3 January 2008 and a 52-week low of Rs 24.55 on 22 August 2007.
The diversified firm has an equity capital of Rs 11.65 crore. Face value per share is Rs 2.
Andrew Yule had invited initial bids for selling 57% stakeholding in DPSC as per the revival package sanctioned for the heavy engineering PSU. While Andrew Yule along with two coal companies control 15% in DPSC, state-run Life Insurance Corporation had 42% in DPSC. LIC would also sell its stake in DPSC.
DPSC has a generating capacity of 40 megawatt and supplies power to the coal belt in the Ranigunj-Asansol area and the industrial township of Durgapur. The divestment process would take place through an open tender route.
Earlier in June 2008, Andrew Yule & Company received clearance from the Union ministry of Heavy Industries and Public Enterprises for its divestment programme in three associate companies viz. Phoenix Yule, Tidewater Oil Company and DPSC
Andrew Yule & Company has three divisions - tea, engineering and electrical equipment. Government of India holds 98.62% stake in the company.
The company reported lower net loss of Rs 4.38 crore in Q1 June 2008 as compared to net loss of Rs 7.46 crore in Q1 June 2007. Net sales rose 28.90% to Rs 34.14 crore in Q1 June 2008 over Q1 June 2007.
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