SEL Manufacturing recovers

SEL Manufacturing was down 0.75% to Rs 284.95 at 14:01 IST on BSE, having recovered from the session's low of Rs 276.15, after the company clarified that the Russia-Georgia conflict has not affected its exports to Russia
The stock hit a high of Rs 290.70 and a low of Rs 276.15 so far during the day. The stock had hit a 52-week high of Rs 757 on 5 August 2008 and a 52-week low of Rs 76.65 on 22 October 2007.
The stock suffered a sharp fall recently, plunging 54.14% to Rs 287.10 on 26 August 2008 from Rs 626.10 on 7 August 2008 spooked by heavy offloading from Nirmal Kotecha, a high networth individual, on concerns the company's exports to Russia will be affected by the Russia-Georgia conflict.
The company has an equity capital of Rs 17.17 crore. Face value per share is Rs 10.
The current price of Rs 284.95 discounts its Q1 June 2008 annualised EPS of Rs 46.06, by a PE multiple of 6.19.
SEL today clarified that its operations are running as per schedule and it does not foresee any adverse impact on its operations/revenue due to the Russia-Georgia conflict. The company said it had recently won an export order for supplying 1.1 million pieces of readymade garments to a Russian customer
In April 2008, the company’s board approved a Rs 611.67-crore expansion project for setting up technical textile facility in Punjab. The company would set up a facility to manufacture technical textiles having a capacity of 90 tonnes per day (tpd).
SEL Manufacturing Company’s net profit surged 215.3% to Rs 19.14 crore on 209.2% increase in net sales to Rs 176.87 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures and exports knitted garments, fabrics and combed and carded yarn.