Rich brew for Andrew Yule & Company on restructuring plan
The BSE Sensex was up 122.15 points, or 0.64%, to 19214.93.
On BSE, 2.56 lakh shares of the scrip were traded. The stock had an average daily volume of 55,377 shares on BSE in past one quarter.
The scrip had touched a low of Rs 63.70 so far during the day. The stock had hit a 52-week high of Rs 82.70 on 12 December 2007 and a 52-week low of Rs 20.15 on 14 March 2007.
The scrip had underperformed the market in the one month to 19 December 2007, sliding 10.65% as against the Sensex's 0.98% decline. It had, however, outperformed the market in the past three months, soaring 45.74% against the Sensex's 16.79% rise.
The state-run diversified firm has an equity capital of Rs 58.27 crore. Face value per share is Rs 10. |
As per reports, Andrew Yule & Company (AYCL) has decided to spin off its electrical and engineering divisions into two separate companies Yule Electrical and Yule Engineering, respectively. AYCL will continue only with its tea business. The new corporate structure will be effective from 1 April 2008.
Besides this, the company will reportedly unlock its investments in Phoenix Yule, Tide Water Oil Co (I) and DPSC the erstwhile Dishergarh Power Supply Corporation to reduce accumulated losses.
Currently the government of India holds 93.26% of the equity of AYCL with the balance being held by the public and financial institutions.
Andrew Yule & Company reported a loss of Rs 12.82 crore in Q2 September 2007 as against net loss of Rs 9.66 crore in Q2 September 2006. Sales rose 22.6% to Rs 47.65 crore in Q2 September 2007 over Q2 September 2006.
Government of India holds 93.26% stake in undertaking in AYCL. Andrew Yule has three divisions - tea, engineering and electrical equipment.