Cords Cable lists at 1% premium

MUMBAI: Cords Cable Industries Wednesday listed at Rs 143 on the NSE, a premium of Rs 8, or 6 per cent, against the issue price of Rs 135 per share. At 10:17 am, the stock was at Rs 140.75, up 4.26 per cent or Rs 5.75. It touched a high of Rs 151 while the low was Rs 110.20. Traded volume of 22,70,283 shares.

Cords Cable had raised Rs 42 crore from its recently concluded IPO, which will be used for setting up of production facilities for high tension and rubber cables and for long term working capital requirements. The company manufactures cables for electrical connectivity up to 1.1 KV for user industries like power, steel, cement, fertilisers and chemicals, refineries.

At present the company is undertaking capacity expansion at its Chopanki factory, in Rajasthan, for which it raised Rs 13.20 crore via external commercial borrowings and internal accruals. Cords Cable���s net profit for 2006-07 (Apr-Mar) was Rs 7 crore, compared with Rs 13.94 lakh in 2002-03. Revenue grew to Rs 104.29 crore in 2006-07 from Rs 16.04 crore in 2002-03. Its clients include BHEL, NTPC, Hindalco, ACC, HPCL, GAIL, Tata Steel, Siemens, Honeywell, L&T, MRPL.