Texmaco Stock Split Proposal Helps Rise the Stock
Texmaco rose nearly 3% to Rs 1,640 at 14:58 IST on BSE after its board approved a 10-for-1 stock split. On BSE, 48,929 shares were traded in the counter. The scrip had an average daily volume of 5,517 shares in the past one quarter. The stock hit a high of Rs 1677 and a low of Rs 1560 so far during the day. The stock had a 52-week high of Rs 1965.50 on 2 January 2008 and the stock hit a 52-week low of Rs 848.05 on 16 May 2007. The mid-cap scrip had outperformed the market over the past one month till 15 May 2008, rising 19.84% compared to the Sensex’s return of 6.83%. It had also outperformed the market in the past one quarter, rising 18.58% compared to Sensex’s decline of 4.20%.
The company’s current equity is Rs 10.32 crore. Face value per share is Rs 10. The current price of Rs 1,640 discounts its Q3 December 2007 annualised EPS of Rs 56.46, by a PE multiple of 29.04. Texmaco’s net profit rose 107.40% to Rs 14.58 on 78.5% increase in net sales to Rs 160.54 crore in Q3 December 2007 over Q3 December 2006.
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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