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Tie and buy: Pioneer Embroideries' partnership plan gets appreciation

Monday, September 3, 2007

Pioneer Embroideries had moved up 1.36% to Rs 126.75 at 14:51 IST after its board approved investment in joint ventures.

The BSE Sensex, meanwhile, was up 206 points, or 1.35 %, to 15,326 tracking firm Asian markets, due to easing of political worries, strong Q1 GDP growth data and lower inflation.
On BSE, 10,620 shares were traded on the counter today. The scrip had an average daily volume of 1.66 lakh shares in the past one quarter.
Shares of the small-cap embroidery manufacturer and exporter had hit a high of Rs 129.90 and a low of Rs 125.50 so far during the day. The stock had touched a 52-week high of Rs 315 on 13 february 2007 and a 52-week low of Rs 62.50 on 12 September 2006.
Pioneer Embroideries had underperformed the market over the last one month to 30 August 2007, declining 19.87% compared to the Sensex’s rise of 1.25%. It had also underperformed the market over the past quarter, falling 26.48% compared to the Sensex’s return of 3.78%.
From a recent high of Rs 145.70 on 8 August 2007, the scrip slumped 14.17% to Rs 125.05 on 30 August 2007.
The company's current equity is Rs 11.81 crore. Face value per share is Rs 10.
The current market price of Rs 126.75 discounts its Q1 June 2007 annualised EPS of Rs 5.93 by a PE multiple of 21.37.
Pioneer Embroideries said on Friday, 31 August 2007, its board aprroved investing up to Rs 500 crore to enter joint ventures and form strategic partnerships. The company did not unveil any other information.
Net profit of Pioneer Embroideries declined 11.17% to Rs 1.75 crore on a 13.26% rise in sales to Rs 28.45 crore in Q1 June 2007 over Q1 June 2006.
Pioneer Embroideries is the manufacturer and exporter of embroideries, torchon/bobbin laces, raschel laces and other garment accessories.

Posted by pp at 8:11 AM  

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