NEW DELHI, July 17: There is a mystery surrounding the stocks of Maya Agro Products Ltd on the Bombay Stock Exchange (BSE). Since July 9, within a span of six trading sessions, the scrip has changed its character from being a worthless paper priced at 5 paise to a stock which is attracting some added interest priced at Rs 2.65. If market sources are to be believed, the purchases by the Unit Trust of India's Master Value Fund (Group B) is pulling the stocks up on the bourse.Apart from appreciating by an unbelievable 5200 per cent to Rs 2.65, between July 9 and July 16, the Maya Agro counter on BSE has also been attracting huge volumes. While 88,000 shares changed hands on July 9 only, a total of 2.55 lakh shares have changed hands till that day.
During fiscal 1998, the company earned a Rs 1.45 crore net profit from a total income of Rs 57.39 crore. While the net profit was higher by 9 per cent over the previous fiscal's Rs 1.33 crore, total income was 5.5 per cent higher than the previous fiscal's Rs54.41 crore. On a Rs 6.05 crore equity base, the earnings per share works out to Rs 2.45.
The company had come out with its maiden public offering in December 1994. However, as of March 1997, Rs 35.55 lakh was is still outstanding as arrears on call.
This Allahabad-based company manufactures vanaspati, vegetable oil and mineral water at its Fatehpur unit.
While it sales vanaspati under the Maya brandname, vegetable oil and mineral water are sold under Maya Gold Classic and Mayas Classic brand names, respectively. It also sales oxygen gas which is a byproduct from its vanaspati and vegetable oil plant. Its products, however, are primarily concentrated in Uttar Pradesh only.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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