Hike in FII ceiling electrifies PTC India
PTC India jumped 7.35% to Rs 130.80 at 14:30 IST on BSE after the Reserve Bank of India allowed the foreign investors to invest upto 60% of the paid up capital in the company.
Meanwhile, the BSE Sensex was up 32.88 points, or 0.19%, to 18697.07.
On BSE, 13.59 lakh shares of the scrip were traded. The stock had an average daily volume of 9.76 lakh shares on BSE in past one quarter.
The scrip had touched a high of Rs 132 and a low of Rs 120.25 so far during the day. The stock had hit a 52-week high of Rs 201.70 on 4 January 2008 and a 52-week low of Rs 53.45 on 28 February 2007.
The scrip had underperformed the market in the one month to 4 February 2008, falling 36.47% as against the Sensex's 9.80% decline. It had also underperformed the market in the past three months, slipping 24.18% against the Sensex's 3.82% slide.
The mid-cap energy trading firm has an equity capital of Rs 227.42 crore. Face value per share is Rs 10.
At the current price of Rs 130.80, the scrip trades at a PE multiple of 78.79, based on Q3 December 2007 annualised EPS of Rs 1.66.
PTC India's net profit fell 28% to Rs 6.21 crore on 9.1% rise in sales to Rs 733.79 crore in Q3 December 2007 over Q3 December 2006.
PTC provides power-trading services through purchase from surplus utilities and sales to deficit ones. It catalyses the development of power projects and is also the identified nodal agency for cross border trading and exchange of power with the neighboring countries. It has cross border operations in Nepal, Bhutan and Bangladesh