Settles at Rs 46.35 on BSE
Burnpur Cement settled at Rs 46.35 on BSE, a premium of 286.25% over the IPO price of Rs 12.
The stock debuted at Rs 18.45, a premium of 53.75% over the IPO price. It touched a high of Rs 49 and a low of Rs 17.80.
On BSE, 11.72 crore shares were traded on the counter.
At the current price of Rs 46.35, the PE multiple works out to 154.5, based on the year ended March 2007 EPS of Rs 0.30.
The fixed price initial public offer (IPO) of Burnpur Cement (BCL), which closed on 3 December 2007, was subscribed 15.19 times.
Burnpur Cements manufactures portland slag cement at Asansol, West Bengal.
The company aims to set up 800 tonne per day capacity clinkerisation and cement grinding unit, expandable to 1,600 tonne per day, at Patratu in Jharkhand. The IPO proceeds will be used for the proposed capacity expansion. Commercial production from the new unit is expected to begin by the end of 2008.
Burnpur Cements reported a profit after tax of Rs 1.14 crore on net sales of Rs 23.66 crore in the year ended March 2007.
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