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Strategies & Market Trends : India Coffee House

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To: Mohan Marette who wrote (8389)	10/13/1999 10:21:00 PM
From: Mohan Marette	Read Replies (1) of 12475

StockWatch: Alembic Ltd re-rated Alembic Ltd alembic-india.com alembic-india.com 10/14/99 ALEMBIC Ltd has been hitting the upper circuit on the BSE for the past four days. The stock price, which was frozen at Rs 459 on Tuesday, opened at an encouraging Rs 496 on Wednesday, despite weak market sentiment. After touching an intra-day low of Rs 490, the stock price closed at Rs 496, up Rs 37 (above eight per cent). The Alembic scrip has been attracting attention, especially after its share value was split from Rs 100 to Rs 10. The scrip was unavailable for trading between July 23 and August 30, and resumed trading at Rs 284 (face value Rs 10) on the BSE on August 31. Since then, the stock price has appreciated by a sharp Rs 212 (75 per cent). The stock is getting re-rated as most other pharma stocks are quoting at P/Es varying from 25 times to 50 times. While market euphoria is on account of high expectations on the quarterly performance, the past performance has also been a driving force behind the spurt in the stock price, say dealers. (FT) The company has posted a 250 per cent jump in net profit to Rs 11 crore on sales of Rs 191 crore during the six-month period ended June 30, '99.

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