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McNally Bharat strengthens on new order win

Capital Market / 14:04 , Mar 19, 2010

McNally Bharat Engineering Company gained 2.55% to Rs 282 at 14:01 IST on BSE, extending gains for the second consecutive day after the company bagged an order worth Rs 173.20 crore from Mahanadi Coalfields, Orissa for structural works.

The company announced the new order win during trading hours on Thursday, 18 March 2010, when the stock had risen 0.13% to Rs 275.

Meanwhile, the BSE Sensex was up 10.20 points, or 0.06% to 17,529.46.

On BSE, 45,683 shares were traded in the counter as against an average daily volume of 40,402 shares in the past one quarter.

The stock hit a high of Rs 284.50 and a low of Rs 275.50 so far during the day. The stock had hit a 52-week high of Rs 289.80 on 19 January 2010 and a 52-week low of Rs 31.10 on 18 March 2009.

The stock has risen 2.67% in two trading sessions from a recent low of Rs 274.65 on 17 March 2010.

The mid-cap stock had outperformed the market over the past one month till 18 March 2010, gaining 11.56% as compared to the Sensex's 7.30% rise. It had also outperformed the market in the past one quarter, surging 36.24% as compared to the Sensex's return of 4.78%.

The company's equity capital is Rs 31.09 crore. Face value per share is Rs 10.

The current price of Rs 282 discounts the company's Q3 December 2009 annualized EPS of Rs 9.51, by a PE multiple of 29.65.

Late last week, the company secured an order worth Rs 245.42 crore from Steel Authority of India (Sail) for its Rourkela steel plant. The order is to be executed within a period of 22 months.

McNally Bharat Engineering Company (MBECL)'s net profit spurted 95% to Rs 7.39 crore on 59.1% rise in net sales to Rs 332.50 crore in Q3 December 2009 over Q3 December 2008.

McNally Bharat provides turnkey solutions in the areas of power, steel, alumina, material handling, mineral beneficiation, coal washing, ash handling and disposal, port cranes, civic and industrial water supply.

 



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