Rohit Ferro-Tech Rights Issue
Rohit Ferro-Tech moved up today after the company said it is seeking shareholders’ approval for the proposed right issue of shares. The small-cap alloy products maker has an equity capital of Rs 39.48 crore. Face value per share is Rs 10. The current price of Rs 40.50 discounts the company’s Q3 December 2009 annualised EPS of Rs 8.19, by a PE multiple of 4.94.
Rohit Ferro-Tech reported a net profit of Rs 8.08 crore in Q3 December 2009 compared with a net loss of Rs 51.46 crore in Q3 December 2008. Sales rose 106.9% to Rs 236.26 crore in Q3 December 2009 over Q3 December 2008.
The company is engaged in manufacturing ferro alloy products. Its products include ferro chrome, ferro manganese, silicon and vanadium. The group exports its products to Europe, Middle East, China, Japan and Korea. The group’s plants are located at Bankura and Medinipur district of West Bengal and Jajpur district of Orissa.
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