Hindustan Dorr Oliver Acquires UK Company (02-Mar-2010)
Hindustan Dorr-Oliver (HDO), the engineering solutions company, has acquired Sheffield-based DavyMarkham, a company that involved in design as well as manufacture and assembly of large equipment used in mining, power, oil, gas and nuclear sectors.
The terms of the deal that paves its way into heavy engineering were not disclosed.
However, DavyMarkham''s managing director, Kevin Parkin, and financial director, Duncan Hay, would continue in their current roles, with the rest of the management team.
Hindustan Dorr will invest in DavyMarkham for new plants as well as equipment and expand the sales of UK firm and marketing infrastructure in order to tap the opportunities in India.
Hindustan Dorr Oliver posted strong growth in standalone net profit for the quarter ended December 2009. The profits of the company during the quarter rose 92.97% to Rs142.80 million from Rs 74.00 million in the same quarter previous year.
The net sales for the quarter for the quarter grew 67.91% to Rs 2,094.50 million while total income for the quarter increased 65.49% to Rs 2,106.20 million when compared with the prior year period.
Hindustan Dorr Oliver is currently trading at Rs.192.05, up by 3.28%.
The stock hit an intraday high of Rs.195.4 till now, as against the 52-week high of Rs.194.The stock hit a low of Rs.188.5 during the day. The stock had hit a 52-week low of Rs.30.65 on March 3, 2009.
The stock opens at Rs.189.9 at BSE. The total traded volume of the scrip on BSE till now stood at 30678.
Meanwhile today, the BSE Sensex is trading up by 223.83 points, or 1.36% , at 16653.38 on 9:38 AM.
Meanwhile today, the NSE Nifty is trading up by 65.45 points, or 1.33% , at 4987.75 on 9:20 AM
Hindustan Dorr Oliver has an equity capital of Rs 7.20 crore as of 2009 Dec. The face value per share is Rs 2. At the current price of Rs 192.05, the P/E multiple stood at 23.2063984720067 with book Value of 42.92 and P/BV at 4.47.
The total shareholding pattern of the company as on Dec 2009 stood at Promoters- 55.17%, Institutional Investors- 18.88%, General Public- 17.87% and other investors- 8.08%.
Considering the current price of Rs. 192.05 at 9:38:00 AM , the stock had outperformed the market over the past one month till 02/03/2010 surged 7.11% as compared to the Sensex''s return of 1.82% and NSE Nifty''s 1.82 % returns.
Considering the current price of Rs. 192.05 at 9:38:00 AM , the stock had outperformed the market over the past one quarter till 02/03/2010 surged 14.01% as compared to the Sensex''s return of -3.1% and NSE Nifty''s -3.1 % returns.
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