Golden Tobacco surged 9.01% to Rs 139.25 at 13:02 IST on BSE after the company's board approved spinning off its tobacco and realty businesses into two separate companies.
The stock hit a high of Rs 145.60 and a low of Rs 132 so far during the day. The stock has a 52-week high of Rs 750 on 11 December 2007 and hit a 52-week low of Rs 100.50 on 16 September 2008.
The stock had surged 19.96% to Rs 127.70 on Wednesday, 24 September 2008, before the announcement.
The company’s current equity is Rs 17.60 crore. Face value per share is Rs 10.
The current price of Rs 139.25 discounts Q1 June 2008 annualized EPS of Rs 20.15, a PE multiple of 6.91.
The board has also approved issuing one share in each of the new companies, for every share held.
Erstwhile GTC Industries, Golden Tobacco's net profit rose 126.6% to Rs 8.86 crore on 66.1% decline in sales to Rs 15.87 crore in Q1 June 2008 over Q1 June 2007.
Golden Tobacco is a cigarette manufacturer. Its main brands are Panama, Flair, Chancellor, Esquire, Legend (a low tar and nicotine cigarette), Burton, CHL (Chancellor Harward Luxury, premium king-size cigarettes). The company was also the first in India to launch Ms Special Filter, a unique cigarette for women.
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