Madras Cements strengthens on stock split, bonus proposals

Madras Cements jumped 8.24% to Rs 2978 at 10:34 IST on BSE after the company said its board will meet on 30 June 2008 to consider stock split and issue of bonus shares.

The company made this announcement after trading hours on Friday, 20 June 2007.

On BSE, 2,732 shares were traded in the counter. The scrip had an average daily volume of 2,342 shares in the past one quarter.

The stock hit a high of Rs 3100 and a low of Rs 2900.50 so far during the day. The stock had a 52-week high of Rs 5039.85 on 31 October 2007 and a 52-week low of Rs 2301 on 9 June 2008.

The mid-cap company had outperformed the market over the past one month till 20 June 2008, declining 4.40% compared to the Sensex's decline of 13.82%. It had underperformed the market in the past one quarter, declining 14.26% compared to Sensex's return of 2.82%.

The company has an equity capital of Rs 11.90 crore. Face value per share is Rs 10.

The current price of Rs 2978 discounts its Q3 December 2007 annualised EPS of Rs 366.39, by a PE multiple of 8.13.

Madras Cements' net profit rose 62.4% to Rs 110.65 crore on 31% increase in net sales to Rs 512.38 crore in Q3 December 2007 over Q3 December 2006.

The company is engaged in manufacturing cements. The product includes blended cement, ready-mix concrete and dry mortar mix. The company also generates power from windmills.

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