Indiaco Ventures was locked at upper limit of 5% at Rs 413.55 at 12:56 IST on BSE on forming an alliance with California-based The Aerospace Corporation for collaborative research and development and technology licensing.
The company made this announcement during trading hours on Monday, 4 August 2008.
Meanwhile, the BSE Sensex was down 130.36 points, or 0.89%, to 14,526.33.
On BSE, 700 shares were traded in the counter. The scrip had an average daily volume of 1,260 shares in the past one quarter.
The stock hit a high of Rs 413.55 and a low of Rs 387.50 so far during the day. The stock had a 52-week high of Rs 875.50 on 24 September 2007 and a 52-week low of Rs 248.85 on 2 August 2007.
The small-cap company had underperformed the market over the past one month till 1 August 2008, gaining 0.29% compared to the Sensex’s return of 11.93%. It had outperformed the market in the past one quarter, declining 15.11% compared to Sensex’s decline of 16.72%.
The company has an equity capital of Rs 1.50 crore. Face value per share is Rs 10.
The current price of Rs 413.55 discounts its Q1 June 2008 annualised EPS of Rs 11.06, by a PE multiple of 37.39.
The Aerospace Corporation, based in EI Segundo, California, is an independent, nonprofit company provides objective technical analyses and assessments for national security space programs and selected civil and commercial space programs in the national interest.
In May 2008, Indiaco Ventures entered into a memorandum of understanding with Norway based Giertsen Group for identifying and transferring hi-end technologies of the Giertsen Group.
The company reported 46.9% surge in net profit to Rs 0.47 crore on 71.6% increase in net sales to Rs 1.39 crore in Q1 June 2008 over Q1 June 2007.
The company provides leveraging network to raise capital to invest in various growth sectors of the economy such as telecom, manufacturing, IT and ITES and real estate. The company operates in its domestic market.