Texmaco rose 1.97% to Rs 1,315.05 at 11:00 IST on BSE on reports the company plans to hive off its engineering division to a separate subsidiary to ramp up its business.
The stock hit a high of Rs 1,320 and a low of Rs 1,303 so far during the day. The stock had hit a 52-week high of Rs 1,965.50 on 2 January 2008 and a 52-week low of Rs 950.05 on 2 July 2008.
The company has an equity capital of Rs 10.32 crore. Face value per share is Rs 10.
The current price of Rs 1,315.05 discounts its Q1 June 2008 annualised EPS of Rs 82.38, by a PE multiple of 15.96.
Texmaco will become the holding company of the demerged heavy engineering division and Texmaco will retain only the real estate and investment divisions.
The company plans to raise Rs 200 crore by selling part of its stake in the proposed new demerged entity.
Recently the company’s board had approved splitting of the company's shares of Rs 10 each, into ten shares of Re 1 each. p> The company’s net profit rose 100.7% to Rs 22.82 crore on 37.6% rise in sales to Rs 196.83 crore in Q1 June 2008 over Q1 June 2007.
Texmaco, a part of K K Birla Group, is a diversified engineering company. It manufactures railway freight cars/wagons, hydro-mechanical equipment for mega power projects, heavy steel structures and process equipment.
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