Tinplate
This Tata group company is largely range bound and the only spike up had happened when Tata Steel decided to make an open offer to buy back up to 1.46 million shares in company for Rs.60/share for a total of about Rs.87.92 crore. Post this buy back, Tata Steel's stake in Tinplate now stands at 73.44% of the total ‘promoters’ stake of 74.96%.
The company has done well for FY13, with net sales rising 41% at Rs.870 crore and net profit coming in at Rs.28 crore, up 70%. For Q4FY13, net profit sequentially has fallen 28% though PBT was up 13%. Thus the story of the fall lies in the tax outgo, doubled up in Q4 at Rs.9 crore v/s Rs.4 crore in Q3. But for this, even quarterly performance is good, with the topline rising 8%. As at 31st March 2013, the company is sitting on a reserves of Rs.395 crore. Total debt is at Rs.115 crore and interest outgo for FY13 was at Rs.25 crore. Well, thanks to the open offer, at least there was an exit option for shareholders at higher price but since then, it remains range bound at current levels.