FDC declined 4.98% to Rs 35.30 at 12:14 IST on BSE after the company’s board approved the buyback of shares at a price not exceeding Rs 40 per share.
The company announced the buyback plan during market hours today, 12 August 2008.
The stock hit a high of Rs 38.25 and a low of Rs 35.15 so far during the day. The stock had hit a 52-week high of Rs 53.60 on 3 January 2008 and a 52-week low of Rs 23.25 on 24 March 2008.
The company has an equity capital of Rs 19.14 crore. Face value per share is Rs 1.
The current price of Rs 35.30 discounts its Q1 June 2008 annualised EPS of Rs 7.25, by a PE multiple of 4.86.
At current Rs 35.30, the stock is trading at a discount of 11.75% over the maxiumim buyback price of Rs 40. The company has set aside a maximum amount of Rs 35.85 crore for buyback which is 10% of the total paid up capital and free reserves as per audited balance sheet for the year ended 31 March 2008.
The company’s net profit rose 53.3% to Rs 34.7 crore on 11.9% rise in sales to Rs 159.29 crore in Q1 June 2008 over Q1 June 2007.
FDC manufactures electral, oral rehydration salt (ORS). It also manufactures bulk drugs, formulations and food products.
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