Precision Pipes and Profiles Company, a Delhi-based OEM supplier to the automobile industry, has closed the day on a weak note. It touched a high/low of Rs 175 and Rs 132, respectively before ending the day at Rs 133.35, down 11.10% to its issue price of Rs 150 on the NSE.
The stock had opened at Rs 165 and ended with turnover of Rs 85 crore. It traded with volumes of 59,17,784 shares.
In an exclusive interview with CNBC-TV18, Ajay Jain, MD, Precision Pipes & Profiles said that their FY08 sales stand at Rs 130 crore and that their PAT is up at 40%. According to him, their FY09 revenues are pegged at Rs 80 crore and PAT at 15%. Jain said that their major customers include Maruti and Honda. He added that they also supply eight parts to Tata’s Rs 1 lakh car, the Nano.
The stock opened at Rs 160, and closed at Rs 138.65, with volumes of 62,46,047 shares. It has hit high/low of Rs 175 and Rs 132.60, respectively on the BSE.
The company had entered capital market with an public issue of shares of face value of Rs 10 each at a price band of Rs 140-150 per equity share and subscribed 10.35 times. It raised more than Rs 80 crore from this issue.
The company is currently in the process of increasing its production capabilities from 4.75 million kg to 9.14 million kg by 2008-09. It is also setting up a new plant for manufacturing of auto components and also a new plant for electrical outlet system products for Power and Data Corporation Pty Ltd, Australia
Source: Moneycontrol.com
Friday, January 11, 2008
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