Balrampur Chini turns sour on denying stake sale

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APPROACHED SHELL FOR BUYOUTS BEFORE ESSAR'S EXCLUSIVE TALKS BEGUN
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JSW ENERGY ALSO IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
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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
TOO EARLY TO TALK OF DENA BANK MERGER WITH ANOTHER PSU BANK: NW
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
EYEING TO SETTLE PAYMENT DEFAULT CASE OUT OF COURT: SOURCES

Updated: 03/11/2009 | 12:00 AM IST

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Capital Market

Tuesday, November 03, 2009 (New Delhi)

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The announcement was made during trading hours today, 3 November 2009.

Meanwhile, the BSE Sensex was down 555.07 points, or 3.49%, to 15341.21.

On BSE, 41.66 lakh shares were traded in the counter as against an average daily volume of 14.94 lakh shares in the past one quarter.

The stock hit a high of Rs 148 and a low of Rs 132.50 so far during the day. The stock had hit a 52-week high of Rs 167.30 on 30 October 2009 and a 52-week low of Rs 29.70 on 2 December 2008.

The stock had outperformed the market over the past one month till 30 October 2009, rising 21.93% as compared to the Sensex 7.18% fall. It outperformed the market in past one quarter, gaining 26.58% as against 3.30% rise in the Sensex.

The mid-cap sugar maker has an equity capital of Rs 25.68 crore. Face value per share is Rs 1.

The current price of Rs 135 discounts the company's Q3 June 2009 annualised EPS of Rs 10.38, by a PE multiple of 13.

The company held some talks with Bajaj Hindusthan to discuss future business strategies, it said in a letter to the stock exchange.

Earlier, some media reports had suggested that Bajaj Hindusthan was in talks with Balrampur Chini to buy stake from its founders for Rs 2400 crore.

Balrampur Chini Mills' net profit surged 293.4% to Rs 66.29 crore on a 69.9% increase in sales to Rs 537.34 crore in Q3 June 2009 over Q3 June 2008. The company will declare Q4 September 2009 results by 31 December 2009.

Balrampur Chini Mills is a Uttar Pradesh based, integrated sugar-maker and is among the largest players in the sugar industry. Its other activities include distillery and co-generation of power.

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