Bargain hunting boosts Madhucon Projects

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ACQUISITION TO BE INCREMENTALLY POSITIVE FOR RELIANCE INDUSTRIES
UNLIKELY TO SEE SHARP CORRECTION IN MARKETS, NOT POSITIVE ON REALTY SPACE
IMPORTS & EXPORTS TO BE USED TO KEEP SUGAR PRICES RANGE BOUND
NEED A LONGER TERM PRICE OBJECTIVE FOR CROPS LIKE SUGARCANE
RIL TO GET CHEAP FEEDSTOCK VIA LYONDELL BASELL ACQUISITION
RIL TO GET CHEAP FEEDSTOCK VIA LYONDELLBASELL ACQUISITION
RIL IN A MUCH STRONGER POSITION THAN COMPETITORS FOR THIS ACQUISITION
RIL WILL GET CHEAP FEEDSTOCK BY THIS ACQUISITION
MARKET DIVIDED OVER FED'S DIRECTION IN TERMS OF INTEREST RATES
INDIAN ECONOMY LOOKING A LOT BETTER THAN OTHERS
HANG SENG UP 0.56%; NIKKEI DOWN 0.54%; KOSPI DOWN 0.17%
ACQUISITION TO GIVE RIL BARGAINING POWER IN PROCUREMENT & SALES
JAPANESE MARKET SHUT TODAY ON ACCOUNT OF THANKS GIVING
RIL'S INTEREST DOESN'T COMMIT MUCH NOW BUT GETS RIL A FOOT IN THE DOOR
NYMEX CRUDE AT $78/BBL ON TENSIONS BETWEEN IRAN & WESTERN NATIONS
HDIL LOSES 1.5%, ADDS 9 LAKH SHARES IN OPEN INTEREST
NTPC GAINS 1.1%, ADDS 12.7 LAKH SHARES IN OPEN INTEREST
BHARTI LOSES 1.5%, ADDS 14.7 LAKH SHARES IN OPEN INTEREST
DENA BANK GAINS 13.7%, ADDS 45.9 LAKH SHARES IN OPEN INTEREST
NIFTY NOVEMBER FUTURES SHED 14.5 LAKH SHARES IN OPEN INTEREST
NIFTY PREMIUM OF 13.8 POINTS VS A DISCOUNT OF 2.4 POINTS ON THURSDAY
NIFTY ROLLOVERS STOOD AT 26.7%
NIFTY NOVEMBER PUT-CALL RATIO AT 1.83 VS 1.58 ON THURSDAY
FOREIGN FUNDS NET SELL RS.463.89 CR IN EQUITIES ON NOVEMBER 20 (PROV)
MUTUAL FUNDS NET SELL RS.176.7 CR IN EQUITIES ON NOVEMBER 19
DII'S NET BUY RS.18.46 CR IN EQUITIES ON NOVEMBER 20 (PROV)
TO ENTER INTO CUSTOMIZED MOTOR CYCLE BIZ VIA PRO-BIKING SHOWROOMS
TO EXPAND PANTNAGAR CAPACITY TO 70,000 UNITS IN NEXT FEW MONTHS
AKER IS A NORWEGIAN SERVICE PROVIDER CO FOR OIL AND GAS OPERATIONS
AKER SOLUTIONS TO PROVIDE SUPPORT SERVICES IN KG BASIN

Updated: 29/10/2009 | 12:00 AM IST

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Capital Market

Thursday, October 29, 2009 (New Delhi)

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The result was announced after market hours on Wednesday, 28 October 2009.

Meanwhile, the BSE Sensex was down 121.41 points, or 0.75%, to 16162.31.

On BSE, 67,757 shares were traded in the counter as against an average daily volume of 76,891 shares in the past one quarter.

The stock hit a high of Rs 249 and a low of Rs 211 so far during the day. The stock had hit a 52-week high of Rs 275 on 17 October 2009 and a 52-week low of Rs 41.65 on 24 November 2008.

Madhucon's shares rose also partly due to bargain hunting after the stock corrected 10.46% to Rs 224.50 on 28 October 2009, from Rs 250.75 on 23 October 2009.

The stock had underperformed the market over the past one month till 28 October 2009, falling 15.74% as compared to the Sensex 2.45% fall. It outperformed the market in past one quarter, rising 26.51% as against 6.21% rise in the Sensex.

The small-cap construction company has an equity capital of Rs 7.38 crore. Face value per share is Rs 2.

The current price of Rs 239.10 discounts the company's Q2 September 2009 annualised EPS of Rs 12.98, by a PE multiple of 18.42.

On Tuesday, 27 October 2009, the company had fixed 7 November 2009 as the record date sub-division equity shares of face value Rs 2 each into one share of Re 1 each.

Madhucon Projects is an engineering construction company. The company is involved in projects that include highway construction, infrastructure projects, and construction of Hydel and Thermal power projects.

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