Financial Daily from THE HINDU group of publications
Tuesday, Jan 11, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jan 11, 2005 |
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Markets
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Stocks Corporate - Mergers & Acquisitions Kapil Dev picks up 5 pc stake in Zicom Electronic Our Bureau
Kolkata , Jan. 10 FORMER Indian cricket captain Kapil Dev has picked up a five-per cent stake in Zicom Electronic Security Systems Ltd. Mr Brian D'Souza, a director of the company, confirmed to Business Line that Mr Dev has picked up the stake from the market in the last few weeks. As on September 31, 2004, promoters held around 48 per cent of the Rs 8.19-crore paid-up capital of the company. Public shareholding was placed at around 44 per cent, 12 per cent was held by non-promoter corporate bodies and 6 per cent was held by FIIs. Mr Dev is understood to have bought the shares at an average price of Rs 101 per share. The stock hit its 52-week high on January 5 at Rs 114.25. The 52-week low of the stock is Rs 27. According to the management, Mr Dev would also "promote" the company without being the designated brand ambassador. According to Mr Gaurav Dua of Anagram Stockbroking, the company's current order book position stands at around Rs 85 crore. "Though revenues nearly doubled to Rs 40.80 crore in 2003-04 from 2001-02, the earning growth has lagged behind on competition and margin pressure." Mr Dua said the valuation of the stock would largely depend on how it scales up its business through new services-based business model. A fund manager felt that the monthly rental business under the new model for its imported security equipment had a potential in certain sectors such as banking. However, he considered the stock overvalued at the current price of over Rs 100. At today's closing price of Rs 100.60 on the BSE, the stock traded at over 16.5 times its annualised earnings in the first six months of the current fiscal of Rs 6 per share.
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