Thursday, August 28, 2008

Zandu Pharma hits the roof

Zandu Pharmaceutical Works surged 5% to Rs 16,553.65 at 11:54 IST on BSE on reports the Company Law Board has dismissed a petition filed by the co-promoters of the company opposing an alleged take-over bid by rival Emami.
The stock hit a high of Rs 16,553.65 and a low of Rs 15,990 so far during the day. The stock had hit a 52-week high of Rs 24,643.20 on 24 July 2008 and a 52-week low of Rs 3,434.30 on 28 August 2007.
The company has an equity capital of Rs 8.06 crore. Face value per share is Rs 100.
The current price of Rs 16,553.65 discounts its Q1 June 2008 annualised EPS of Rs 245.66, by a PE multiple of 67.38.
In June 2008, Emami raised its stake in Zandu to 27.51% for an undisclosed amount. Personal care products maker Emami, which already held 3.7% stake in Zandu (as at end March 2008), acquired additional 24% stake from the Vaidya family, one of the two promoter groups, in Zandu Pharmaceutical Works through two off market deals
Later in August 2008, the Parikh famility, the other co-promoters of Zandu, approched the Bombay High Court claiming that they had the first right of refusal in buying the Vaidya family stake.
Zandu Pharmaceutical Works' net profit rose 58.7% to Rs 4.95 crore on 25.2% increase in net sales to Rs 30.90 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing and marketing ayurvedic formulations like, avalehas, asavarishtas, ointment, churnas, tablets and pills as well as allopathic formulations like, tinctures, liquid extracts.

No comments: