Celebrity Fashions spurts on unit sale buzz

Celebrity Fashions surged 7.84% to Rs 41.25 at 11:03 IST on BSE on reports the company may sell an export unit to a Bangalore-based firm for Rs 42.5 crore.

On BSE, 2,600 shares were traded in the counter. The scrip had an average daily volume of 32,356 shares in the past one quarter.

The stock hit a high of Rs 42.05 and a low of Rs 40 so far during the day. The stock had a 52-week high of Rs 91.70 on 23 July 2007 and a 52-week low of Rs 36.65 on 10 March 2008.

The small-cap scrip had underperformed the market over the past one month till 10 March 2008, declining 22.88% compared to the Sensex's fall of 8.82%. It had also underperformed the market in the past one quarter, declining 50% compared to Sensex's decline of 21.52%.

The company's current equity is Rs 17.83 crore. Face value per share is Rs 10.

The current price of Rs 41.25 discounts Q3 December 2007 annualized EPS of Rs 22.45 by a PE multiple of 6.59.

Celebrity Fashions reported a net loss of Rs 1.27 crore in Q3 December 2007 as compared to net loss of Rs 1.50 crore in Q3 December 2006. Sales declined 2% to Rs 86.58 crore in Q3 December 2007 over Q2 December 2006.

Celebrity Fashions designs, manufactures and sells men's garments. It not only caters to leading international brands, but also owns a domestic brand, Indian Terrain