Orbit Corporation strengthens
Orbit Corporation rose 1% to Rs 966 at 10:42 IST on BSE after its equity holding in Orbit Shelter was raised to 100% from 35% earlier.
Consequently, Orbit Shelter has become a wholly owned subsidiary of the company. The company made this announcement after trading hours on Tuesday, 15 January 2008.
Meanwhile, BSE Sensex was down 368.95 points or 1.82% to 19,882.14.
On BSE 18,769 shares were traded in the counter. The scrip had an average daily volume of 1.84 lakh shares in the past one quarter.
The stock hit a high of Rs 975 and a low of Rs 940.70 so far during the day. The stock had a 52-week high of Rs 993 on 4 January 2008 and had touched a 52-week low of Rs 90 on 12 April 2007.
The mid-cap scrip had outperformed the market over the past one month till 15 January 2008, gaining 20.17% compared with the Sensex's return of 5.14%. It had also outperformed the market in the past one quarter, rising 55.81% compared with Sensex's rise of 8.20%.
Orbit Corporation's current equity is Rs 36.27 crore. Face value per share is Rs 10.
At the current price of Rs 966, the scrip trades at a PE multiple of 473.53, based on Q2 September 2007 annualised EPS of Rs 2.04.
Orbit Corporation reported a net profit of Rs 1.85 crore on sales of Rs 13.11 crore in Q2 September 2007 over Q2 September 2006.
Orbit Corporation is a real-estate construction and development company with primary focus on redevelopment of existing properties. The company specialises in developing, designing and managing high-end residential and commercial properties