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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (7034)	9/21/1999 10:29:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

CompanyWatch-Amrutanjan amrutchem.com amrutanjan.com AMRUTANJAN'S decision to list on the National Stock Exchange and the Bombay Stock Exchange could perk up the valuation of its stock. It is currently listed only on the Madras Stock Exchange. Most of the companies that have adopted a similar course of act ion in the past have seen a significant improvement in the valuation of their stock due to the prospect of better liquidity on the NSE and the BSE. This development may also hold the possibility of an enhanced institutional interest in the stock and this factor too may lead to better valuation. Amrutanjan hopes to complete the listing process by October. The stock, currently trading at Rs. 293, could witness buying interest and some upside may be in store. ====================== Amrutanjan scrip hits circuit breaker Rajesh Chandramouli (BusinessLine) CHENNAI, Sept. 21 CONSEQUENT to the management's decision to list the shares on the NSE and BSE, the share price of Amrutanjan hit the upper end of the circuit breaker at the Madras Stock Exchange today. The share price remains frozen at Rs. 291.60 as against Rs. 270 on Monday. Market sources told Business Line that buyback of shares is in the offing by October and post-buyback, the shares would get listed on the premier stock exchanges. This, coupled with the management's assurance to the shareholders at the company's annual general meeting held on Monday that a turnover of Rs. 66 crores would be achieved during the current fiscal year, led to the scrip hitting the upper end of the circuit breaker, these sources said. It is also reliably learnt from company sources that leading fund managers have been making frantic enquiries to knock off quantities that come their way. Speaking to Business Line after the company's AGM, Mr. S. Radhakrishna, MD, Amrutanjan, said his company would be introducing newer products in the market in a phased manner as it did not want to be projected as a single product company. Further the export of fine chemicals would be given a special thrust. Analysts say the profit margin on some chemicals is as high as 40-45 per cent. And if menthol prices remain steady, the company's profitability will substantially increase. Mr. Radhakrishna said his company had stocks of menthol that would last till March 2000. Therefore, any price increase or decrease in the international market will not affect Amrutanjan in the near future. Amrutanjan exports drug intermediaries to almost all MNCs in the US. He also said the company would start manufacturing Spirulina soon. During the last financial year ended March 31, 1999, the company had posted a net profit of Rs. 5.78 crores on a sales of Rs. 60.07 crores.