Gujarat NRE Coke surged 3.25% to Rs 82.50 at 10:28 IST on BSE, after the company said on Wednesday, 10 September 2008, its board will meet on 17 September 2008 to consider issue of equity shares on rights basis, with differential voting rights
The company made this announcement after trading hours on Wednesday, 10 September 2008.
The stock hit a high of Rs 84.30 and a low of Rs 78.05 so far during the day. The stock has a 52-week high of Rs 181 on 27 February 2008 and a 52-week low of Rs 68.20 on 11 September 2007.
The company’s current equity is Rs 337.09. Face value per share is Rs 10.
The current price of Rs 82.50 discounts Q1 June 2008 annualized EPS of Rs 11.20, by a PE multiple of 7.37.
The rights issue will be in the proportion of one differential voting rights (DVR) share for every 300 existing equity shares at the price of Rs 1000 per share (inclusive of a premium of Rs 990 per share).
Gujarat NRE Coke’s net profit surged 120.5% to Rs 94.40 crore on 153.60% increase in net sales to Rs 377.64 crore in Q1 June 2008 over Q1 June 2007.
The company is the largest independent producer of low ash metallurgical coke in the country. It manufactures low ash metallurgical coke for the steel industry, soda ash plants, zinc smelters and foundries.
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