Himadri Chemicals & Industries rose 9.80% to Rs 361.80 at 14:27 IST on BSE, after the company said its unit Himadri Global Investment has formed a joint venture with Chinese company to takeover existing coal tar distillation plant in Xiaoyi, Shanxi.
The company made this announcement during trading hours today, 19 September 2008.
The stock hit a high of Rs 362 and a low of Rs 329.95 so far during the day. The stock has a 52-week high of Rs 800 on 8 January 2008 and a 52-week low of Rs 281.50 on 1 September 2008.
The company’s current equity is Rs 31.85 crore. Face value per share is Rs 10.
The current price of Rs 361.80 discounts Q1 June 2008 annualized EPS of Rs 26.39, a PE multiple of 8.35.
Himadri Global Investment (HGIL) will hold 90% equity interest in the joint venture company (JVC) and the Chinese company will hold the balance 10%.
Himadri Chemicals & Industries’ net profit rose 13.4% to Rs 21.01 crore on 20.70% increase in net sales to Rs 91.50 crore in Q1 June 2008 over Q1 June 2007.
Himadri Chemicals & Industries’ principal activities are to manufacture and export coal tar distillation products including coal tar pitch, naphthalene, oils and corrosion protection products like coal tar.
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