Maithan Alloys shines on expansion plan

Maithan Alloys shines on expansion plan

Maithan Alloys rose 2.15% to Rs 289.30 at 13:06 IST on BSE after the company's board approved a proposal to invest in its subsidiary company for setting up a ferro alloys manufacturing unit in Andhra Pradesh.
The company announced this during market hours today, 10 September 2008.
The stock hit a high of Rs 293.25 and a low of Rs 283.40 so far during the day. The stock hit a 52-week high of Rs 2,230 on 14 May 2008 and a 52-week low of Rs 177.80 on 30 June 2008.
The company’s current equity is Rs 9.71. Face value per share is Rs 10.
The current price of Rs 289.30 discounts Q1 June 2008 annualized EPS of Rs 129.52, by a PE multiple of 2.23.
The ferro alloy manufacturing facility will be set up with an estimated project cost of Rs 275 crore. The board of the company has also approved the divestment of company's shareholding in Purbanchal Cement. Also, the board has decided to form another subsidiary to take up mines & minerals business.
Maithan Alloys' net profit surged 365.1% to Rs 31.44 crore on 245.6% rise in sales to Rs 206.44 crore in Q1 June 2008 over Q1 June 2007.
Maithan Alloys specializes in ferro alloy and silicons.