Kernex Microsystems soars on order from railways

Kernex Microsystems India surged 19.93% to Rs 73.70 at 15:30 IST on BSE, on receiving nod for implementation of networking project at Indian Railway.

The company made this announcement during trading hours today, 7 November 2008.

Meanwhile, the BSE Sensex was up 230.07 points, or 2.36%, to 9,964.29.

On BSE, 17,343 shares were traded in the counter. The stock had an average daily volume of 9,937 shares in the past one quarter.

The stock hit a high of Rs 73.70 and a low of Rs 57 so far during the day. The stock has a 52-week high of Rs 336.35 on 2 January 2008 and a 52-week low of Rs 50.45 on 27 October 2008.

The small-cap stock had underperformed the market over the past one month till 6 November 2008, declining 21.97% as compared to the Sensex�s decline of 17.52%. It had also underperformed the market in the past one quarter, declining 47.19% as compared to the Sensex�s decline of 35.42%.

The company�s current equity is Rs 12.50 crore. Face value per share is Rs 10.

The current price of Rs 73.70 discounts the company�s Q2 September 2008 annualized EPS of Rs 3.33, by a PE multiple of 22.13.

Kernex Microsystems has received approval from Indian Railways for implementing ACD networking system to cover the entire Indian railway network.

Meanwhile, the Egyptian Railways is negotiating for the development of additional 174 level crossing railway gates for Egyptian National Railways, Egypt

Kernex Microsystems India�s net profit fell 2.80% to Rs 1.04 crore on 3.54% to Rs 5.26 crore in Q2 September 2008 over Q1 June 2008.

Kernex Microsystems is engaged in the business of manufacturing, installing and maintaining of anti collision systems as well as developing certain railway safety and signal systems.