The Hindu Business Line : Vishal Exports lists at discount to offer price

On the first day, the stock opened at Rs 55, also the day's high, touched a low of Rs 33.80 and closed at Rs 35.75, a discount of 20.56 per cent to the offer price. A total of 35.39 lakh shares were traded on the NSE, and of this, 35.39 per cent were up for delivery.

The company had come out with an Rs 27-crore fixed-price public issue early this month, at Rs 45 per share of Rs 5 face value. The pubic issue was an offer for sale of shares by a few existing shareholders of the company. Vishal Exports is a trading company and is engaged in import-export of commodities.

The company's core competence is in agro-based commodities, mainly in soyabean extracts, wheat, rice and sugar. It has taken advantage of falling import duties on certain commodities over the last three to four years.

The company mainly imports vitamins and chemicals, but the thrust is on palm oil and other commodities where it has a strong presence in the domestic market.

For the seven-month period to 31 October 2003, sales of the company were Rs 1,139.34 crore and net profit of Rs 20.95 crore. The paid-up capital of the company is Rs 12 crore.

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