BGR Energy Systems, a supplier of systems and equipment for the power, oil & gas, refinery, petrochemical and process industries, has closed at Rs 902, up 87.92% over its offer price of Rs 480 per share. The stock has hit a high of Rs 922.70 and remained above Rs 900 for most part of the day on the NSE.
The turnover was at Rs 740 crore and it traded with volumes of 82,29,039 shares.
BG Raghupathy, CMD, BGR Energy Systems informed CNBC-TV18 that the company has a total order book of Rs 3300 crore on January 1. Its export order book Rs 490 crore, he added. For the next two months, exports will be Rs 200 crore, he said. The company will focus more on power projects and oil & gas business, he said.
Raghupathy reminded that last year, the company’s revenues were at Rs 500 crore. This, BGR Energy Systems has crossed in the first two quarters this year, he added.
On the BSE, the share opened at Rs 801 and touched a high of Rs 940 in early trade. It closed at Rs 901.30, with volumes of 43,74,390 shares.
The company had entered capital market with a public issue of 91.36 lakh equity shares of Rs 10 each. The price band was at Rs 425 to Rs 480 per equity share. The issue was subscribed 119.54 times.
The company proposes to utilize the net proceeds of the issue to augment long term working capital requirements, expand production capacity by establishing additional manufacturing facilities in India, China and the Middle East and fund expenditure for general corporate purposes.
Source: Moneycontrol.com
Thursday, January 3, 2008
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