Salora International firmly in the picture as promoters hike stake
The company announced the increase in promoter stake during trading hours today, 9 April 2009.
On BSE, 81,654 shares were traded in the counter. The stock had an average daily volume of 11,094 shares in the past one quarter.
The stock hit a high of Rs 34.50 and a low of Rs 30.65 so far during the day. The stock hit a 52-week high of Rs 188 on 2 May 2008 and a 52-week low of Rs 24 on 17 March 2009.
The small-cap stock had underperformed the market over the past one month till 8 April 2009, rising 13.27% as compared to the Sensex's 29.02% rise. It had also underperformed the market in the past one quarter, declining 30.93% as compared to the Sensex's return of 12.05%.
The company's current equity is Rs 8.82 crore. Face value per share is Rs 10.
The current price of Rs 54.50 discounts the company's Q3 December 2008 annualized EPS of Rs 16.09, by a PE multiple of 3.39.
Ayush Jiwarajka, a promoter of the company, has hiked his stake to 2.96% from 0.51% by acquiring 2.16 lakh shares from open market on 31 March 2009. Another promoter Tarun Jiwarajka has hiked his stake to 3% from 0.51% in the company after acquiring 2.20 lakh shares from the open market on 31 March 2009.
Increase in stake by promoters in a company helps bolster investor confidence.
Salora International reported a net loss of Rs 2.34 crore in Q3 December 2008 as compared to net profit of Rs 4.73 crore in Q3 December 2007. Net sales fell 48% to Rs 172.73 crore in Q3 December 2008 over Q3 December 2007.
The company makes consumer electronics products