Banco Product in top gear on buy back proposal
Banco Product India soared 17.41% to Rs 36.75 at 15:15 IST on BSE after the company scheduled a board meet on 17 April 2008 to consider buy back of equity shares.
The company made this announcement during trading hours today, 10 April 2008.
On BSE, 2.18 lakh shares were traded in the counter. The scrip had an average daily volume of 41,646 shares in the past one quarter.
The stock hit a high of Rs 37.55 and a low of Rs 30.95 so far during the day. The stock had a 52-week high of Rs 51.70 on 3 January 2008 and a 52-week low of Rs 24.99 on 3 September 2007.
The small-cap scrip had underperformed the market over the past one month till 9 April 2008, declining 10.19% compared to the Sensex's fall of 2.06%. It had outperformed the market in the past one quarter, declining 22.72% compared to Sensex's decline of 23.28%.
The company's current equity is Rs 14.20 crore. Face value per share is Rs 2.
The current price of Rs 36.75 discounts its year ended March 2007 EPS of Rs 6.96, by a PE multiple of 5.28.
Banco Product India's net profit rose 98.4% to Rs 12.36 crore on 20.8% growth in net sales to Rs 80.14 crore in Q3 December 2007 over Q3 December 2006.
The company is engaged in manufacturing and selling automobile ancillaries. It manufactures gaskets and radiators, which are used in sealing and cooling applications in automotive and industrial engines.