Expansion Project increases investor interest in Vertex Spinning

Vertex Spinning LimitedVertex Spinning climbed up 5.51% to Rs 20.10 in afternoon trading after the company declared that Syndicate Bank had finished evaluation of its planned Rs 512 crore cotton spinning project in Maharashtra. The company made the declaration after the trading hours.

During the day, the scrip touched a high of Rs 20.95 and a low of Rs 19.05. Today, the total number of shares for trading on the BSE counter stood at 1.34 lakh. During the past one quarter, the stock had average daily volume of 24,629 shares on BSE.

The equity capital of the company is Rs 19.91 crore, with 19.91 crore outstanding shares with a face value of rupee one each. At existing price of Rs 20.10 the scrip trades at a PE multiple of 67, based on year ended March 2007 EPS of Rs 0.30.

The scrip benefited 11.40% in one month to 9 July 2007 against Sensex's 6.98% increase. It had turned down 20.13% in past three months versus Sensex's 14.07% climb.

The stock had hit 52-week high of Rs 64.05 on 9 February 2007 and 52-week low of Rs 15.05 on 3 July 2007.

In Q4 March 2007, Vertex Spinning’s net profit slumped 64% to Rs 0.77 crore as compared to Rs 2.14 crore in Q4 March 2006. Sales ascended 9.7% to Rs 21.42 crore in Q4 March 2007 (Rs 19.52 crore).

Vertex Spinning makes acrylic blankets and spinning yarns.




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