Business Daily from THE HINDU group of publications
Tuesday, Aug 22, 2006
Business Daily from THE HINDU group of publications Tuesday, Aug 22, 2006 |
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Stock Markets Markets - Stocks Columns - Ear to the ground
Despite sanctions imposed against it by the US in July, the stock of Balaji Amines has been gaining strength on the bourses. It has gained around 73 per cent month-on-month and 34 per cent week-on-week. The counter ended 14.21 per cent higher on Monday at Rs 298.10 on the BSE. According to market talk, the company is doing R&D to undertake capacity expansion. The proposed capex is to be funded via internal accruals and bank loans, sources said. The stock has in the past been dogged by rumours of a bonus. The popular perception being that given Balaji Amines is sitting on huge reserves (more than 9 times of the total equity), a bonus is inevitable. Analysts expect a substantial ramp-up in operations over the next two years on the back of increase in capacity utilisation, new product launches, increase in exports etc. They forecast sales to cross Rs 300 crore in FY-08 and profits to cross Rs 25.5 crore. Balaji Amines is a leading manufacturer of ethyl and methyl amines, which have applications in the chemical industries. It has now diversified into producing derivatives of methyl and ethyl amines.
Deeptha Rajkumar
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