Hindustan Dorr Oliver gains on fund raising plan

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SMS BOS < SPACE > MF, MUTUAL FUND QUERY AT 56388
COS GETTING FRESH FDI IN SECTORS WHERE FDI CAPS HAVE GONE UP: SOURCES
NEW NORMS TO CONSIDER TOTAL FOREIGN INVESTMENT NOT TOTAL INVESTMENT: SRCS
CCEA NOD NEEDED ONLY FOR INVESTMENTS OF RS.1200 CR AND ABOVE: SOURCES
GOVT TO EASE NORMS FOR FDI REQUIRING CABINET APPROVAL: SOURCES
NO PLANS TO OFFER HOME LOANS AT 8%: NW
OCTOBER UNEMPLOYMENT RATE RISES TO 10.2% VS 9.8% (MOM)
EMPLOYERS CUT PAYROLLS BY 190,000 IN OCTOBER VS ESTIMATE OF 175,000
FOREIGN FUNDS NET BUY RS.587.02 CR IN EQUITIES ON NOVEMBER 6 (PROVISIONAL)
DOMESTIC FUNDS NET BUY RS.236.62 CR IN EQUITIES ON NOVEMBER 6 (PROVISIONAL)
KINGFISHER RAISES FUEL SURCHARGE BY RS.200 ON SECTORS MORE THAN 1000 KM
KINGFISHER RAISES FUEL SURCHARGE BY RS.100 ON SECTORS UPTO 1000 KM
JET AIRWAYS RAISES FUEL SURCHARGE BY RS.100-150 ON SECTORS UPTO 1000 KM
NET PROFIT AT $455 MN VS LOSS OF $24.6 BN (YOY)
TOTAL REVENUES AT $26.05 BN VS $898 MN (YOY)
MUTUAL FUNDS NET BUY RS.34.3 CR IN EQUITIES ON NOVEMBER 5
FOREIGN FUNDS NET BUY RS.267.6 CR ($56.8 MN) IN EQUITIES ON NOVEMBER 5
OVER 7% GROWTH ACHIEVABLE IN FY'11
TO EXPLORE STIMULUS EXIT MODE NOW; WINDING DOWN STIMULUS TO CUT DEFICIT
SENSEX UP 1.65%, NIFTY UP 1.8% FOR THE WEEK
CNX MIDCAP INDEX UP 3.9%, BSE SMALLCAP INDEX UP 1.6%
BSE PSU INDEX UP 4.77%, REALTY UP 4.4%, METAL INDEX UP 4%
INDEX GAINERS: BHARTI UP 9.4%, JP ASSOCIATES UP 8.6%, IDFC UP 7%
GETS U.S. FDA NOD FOR GENERIC ACULAR
TO RAISE UPTO $300 MN VIA FCCBS
EXTENDING 8% HOME LOAN SCHEME TILL 31ST MARCH , 2010
INDIAN RAILWAYS SHOULD RATIONALISE PASSENGER FARES UPWARD
TO RAILWAYS: STOP CROSS SUBSIDISING FARES AND FREIGHTS
IMPOSES 20% SAFEGUARD DUTY ON IMPORT OF SODA ASH
ROAD DEFICIT REMAINS THE GREATEST PROBLEM IN INFRASTRUCTURE IN INDIA

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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