Federal-Mogul Goetze Cuts Rights Issue price

Federal-Mogul Goetze (India) said, that its board had revised the pricing of its rights issue to Rs 145-Rs 170 per share, from the earlier band of Rs 180-Rs 215.

The company reported a net profit of Rs 0.86 crore in Q2 June 2007 as against net loss of Rs 6.46 crore in Q2 June 2006. Sales rose 28.01% to Rs 146.58 crore in Q2 June 2007 over Q2 June 2006. The current price of Rs 151.40 discounts its Q2 June 2007 annualised EPS of Rs 1.36 by a PE multiple of 111.32.