Refex Refrigerants shines

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The stock appreciated 77 per cent last week from Rs 67.25 to Rs 119.30 amid a ten-fold increase in the trading volumes on BSE. The Rs 10 paid-up share has an equity capital base of Rs 15.20 crore.

At the current price of Rs 119.30, the stock trades at a PE multiple of 21.30, based on trailing twelve months EPS of Rs 5.60. The company raised Rs 22.23 crore through an initial public offering (IPO) and debuted at Rs 62, a 4.61 per cent discount over the issue price of Rs 65.

The company is engaged in marketing and refilling of non-ozone depleting refrigerant gases, or hydro fluorocarbons (HFCs).

It posted over four-fold jump in net profit, to Rs 3.60 crore, in the quarter ended September, 2007. In the first half of the current fiscal itself, the company surpassed last year's net profit of Rs 3.91 crore.

The company recently received a special import license for importing 2000 MT of HCFC-based refrigerants from the Directorate General of Foreign Trade. This will lead to an increase in its turnover and make a basket of products available to the customers.