Business Daily from THE HINDU group of publications
Tuesday, Aug 14, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Aug 14, 2007 ePaper |
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Markets
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Stocks
Jayanta Mallick Kolkata, Aug. 13 Aegis Logistics has been showing upward movement in the past one week even as the overall market suffered from uncertainty caused by external factors. According to market sources, the company has recently been engaging itself in a number of growth related moves. The company has been allotted a plot of land by the Calcutta Port Trust at Haldia Port. The land is proposed to be used for future expansion in its liquid – chemical and petroleum products – logistics business. The port trust board sources told Business Line that plots were being allocated in two phases for tanker facilities for setting up non-hazardous and hazardous products. A total of 3.74 acres of land has been approved for proposed non-hazardous liquid storage faci lity. Another 4 acres of land is requested for hazardous liquid storage unit. Eyeing more units
The company’s Managing Director, Mr S.K. Hazra, who was in Kolkata today, confirmed the development. Aegis is seeking to set up units in 3 more port areas. It is in talks for acquiring both private and port land in Kandla, Paradip, Mangalore and Vijag, he added. Aegis already has two operating tank terminals in Mumbai and the third facility would be come operational soon. It has also decided acquiring the throughput activity undertaking of Hindustan Aegis LPG Ltd (HALPG), an unlisted company in which it has substantial investments, through a scheme of arrangement with effect from April 1. It is also in the process of taking over Konkan Storage Systems (Kochi) Pvt Ltd (KCPL), which has an operating asset of Rs 26 crore (51000 KL capacity) at Kochi Port. KCPL is set to become a wholly owned subsidiary. According to analysts with leading broking firms, the current price of the stock represents a 2007-08 P/E of around 6, much lower than its compatriots in the same space, who are carrying a P/E of around 15, and a forward P/E of 4 for 2008-09 expected earnings. “The port logistics business in the country is growing rapidly as operational bottlenecks are being removed and more private investments are coming in to fill the infrastructural gaps. Aegis’ growth is evident”, an analysts with an institutional brokerage added. The stock today finished in the green at Rs 146.45 (144.45), recording weekly gain of over 5 per cent. A total of 19,493 shares changed hands on both the BSE and the NSE.
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