Hindustan Dorr Oliver gains on fund raising plan

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GAMMON INFRA BAGS NHAI PROJECT WORTH RS.850 CRORES
NET PROFIT AT RS.48.2 CR VS RS.12 CR; SALES UP 55% AT RS.849 CR (YOY)
PROFIT UP 55% AT RS.143.50 CR; NET SALES UP 22.5% AT RS.2234.20 (YOY)
IMPORTING SUGAR BEING REVIEWED; NEED FOR ECONOMIC PRICING OF SUGAR
IN DISCUSSIONS WITH FARMERS TO COME AT PRICE COMFORTABLE FOR BOTH SIDES
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KEEPS OVERNIGHT LENDING RATE UNCHANGED AT 0.1%
STILL SEE DOWNSIDE RISK FOR THE ECONOMY
AIM TO CONVERT NON USERS TO USERS WITH THE HELP OF ROAMING TARIFF CUTS
PREFER TO REMAIN AGGRESSIVE WITHOUT GETTING INTO A PRICE WAR
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DBS TOP BRASS MET HABIL KHORAKIWALA TO DISCUSS WAYS OF SETTLEMENT: SRCS
EYEING TO SETTLE PAYMENT DEFAULT CASE OUT OF COURT: SOURCES
ALERT: ROAMING CONTRIBUTES 15% OF BHARTI REVENUES
ROAMING CALLS ON OTHER NETWORKS AT 80 PAISE/MINUTE
ROAMING CALLS ON OWN NETWORK AT 60 PAISE/MIN
SWAP TO REDUCE OVERALL FINANCE CHARGES FOR THE COMPANY: CFO
COMPLETES SWAP OF $875MN FOREX CONVERTIBLE BONDS

Updated: 03/07/2009 | 12:00 AM IST

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Hindustan Dorr-Oliver gains on fund raising plan

Capital Market

Friday, July 03, 2009 (New Delhi)

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The company made this announcement after market hours on Thursday, 2 July 2009.

Meanwhile, the BSE Sensex was up 17.83 points, or 0.12%, 14,676.32.

On BSE, 13,836 shares were traded in the counter. The stock had an average daily volume of 66,461 shares in the past one quarter.

The stock hit a high of Rs 99.30 and a low of Rs 95.40 so far during the day. The stock hit a 52-week high of Rs 133.80 on 13 August 2008 and a 52-week low of Rs 24 on 3 February 2009.

The small-cap stock had outperformed the market over the past one month till 2 July 2009, rising 8.98% as compared to the Sensex's 1.45% fall. It had also outperformed the market in the past one quarter, jumping 124.07% as compared to the Sensex's return of 41.64%.

The company's current equity is Rs 7.20 crore. Face value per share is Rs 2.

The current price of Rs 98.20 discounts the company's Q4 March 2009 annualized EPS of Rs 9.61, by a PE multiple of 10.22.

There will be a huge equity dilution if the company raises the funds entirely by way of a rights issue. If one assumes that the rights issue is priced closed to the ruling market price of Rs 98, there will be a massive equity dilution of 70.72%.

Hindustan Dorr-Oliver had on 29 June 2009 bagged two orders aggregating Rs 118.80 crore form two players.

Hindustan Dorr-Oliver had on 22 June 2009 bagged an order worth Rs 53.05 crore from HPCL-Mittal Energy for raw water treatment plant. The project will be executed on turnkey basis and is to be completed within the period of 14 months.

The company's order book as on 28 May 2009 stood at Rs 1300 crore, which is 2.53 times of sales of Rs 513.33 crore in the year ended March 2009 giving strong revenue visibility.

Hindustan Dorr-Oliver's net profit declined 8.8% to Rs 8.65 crore on 77.8% growth in net sales to Rs 187.64 crore in Q4 March 2009 over Q4 March 2008.

Hindustan Dorr-Oliver, owned by IVRCL group is a total engineering solutions provider in the field of pulp & paper, fertilizers, mineral beneficiation and all kinds of water & waste treatment plants.

IVRCL Infrastructure & Projects holds 55% stake in the company (as on 31 March 2009).

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