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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Indian investor eyeing BLUE?

Indian investor eyeing BLUE?

3 posters

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1Indian investor eyeing BLUE? Empty Indian investor eyeing BLUE? Sun May 22, 2011 3:51 pm

MarketSIRA


Senior Equity Analytic
Senior Equity Analytic

By Jayanath Abesuriya

In the light of strong global prices for gold and jewellery of late, Sri Lanka’s only diamond exporter, The Blue Diamonds Jewellery Worldwide Plc (BLUE) is speculated to be eyed by an Indian investor, according to market sources. They say that due to this speculation, share prices of BLUE traded on the Colombo Stock Exchange last week has been on a rally opening from a mere Rs. 3.20 on Monday to close as high as Rs. 4.80 on Thursday and closing at Rs. 4.10 on Friday.
When inquired from Blue Diamonds Chairman and Managing Director Bandula Ranaweera about the veracity of the speculation, he however denied divulging any details but added that although there had been several occasions in the market earlier which outlined several new investors eyeing their company, they never became a reality.
At present, BLUE’s major shareholders are Ceylinco Insurance Plc having a 4.6% stake whilst the other related Ceylinco entities have another 3.8% as at December 31, 2010.
After facing challenging years of operation from 2008 to 2009, in the latter part of 2010 BLUE had raised Rs.300 million in a rights issue at a time company’s traditional buyers had cancelled orders and some others had reduced order quantities.
In the company’s recent annual report for the year ended t 31 March 31, 2010, shareholders were informed that even the largest buyer of Blue Diamonds Jewellery who covers most of the Middle East region experienced major difficulties in their business with the United Arab Emirates stock exchange authorities having to re-shuffle the entire board of directors of Damas LLC, Dubai and appoint new member for the board.
However, the most recent published quarterly results for the quarter ended December 31, 2010 outline that the company recorded a net profit of Rs.1.74 million in compared to a loss of Rs.8.5 million in the same quarter of 2009. Consequently company’s Earnings Per Share (EPS) also reached positive 1 cents from a loss of 10 cents reported in 2009 as result of increased turnover from Rs.9.5 million in 2009 to Rs.15.6 million as at end of December 2010.

Courtesy: http://www.thebottomline.lk/2011/05/22/page4.html Arrow

2Indian investor eyeing BLUE? Empty Re: Indian investor eyeing BLUE? Sun May 22, 2011 4:12 pm

FXX

FXX
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

is it worthy to buy BLUE for 4.10 ?

3Indian investor eyeing BLUE? Empty Re: Indian investor eyeing BLUE? Sun May 22, 2011 4:23 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

FXX wrote:is it worthy to buy BLUE for 4.10 ?

BLUE went up apparently due to this speculation. Looking at their financial BLUE is not worth the current price on fundamentals. Now if there is a buy over which is at the current price or above then there can be price upside purely on the news. ( not on fundamantals)
But the buy over is a gamble as the chairman is saying th below .

"When inquired from Blue Diamonds Chairman and Managing Director Bandula Ranaweera about the veracity of the speculation, he however denied divulging any details but added that although there had been several occasions in the market earlier which outlined several new investors eyeing their company, they never became a reality."



. Article also state "the company’s recent annual report for the year ended t 31 March 31, 2010, shareholders were informed that even the largest buyer of Blue Diamonds Jewellery who covers most of the Middle East region experienced major difficulties in their business with the United Arab Emirates stock exchange authorities having to re-shuffle the entire board of directors of Damas LLC, Dubai and appoint new member for the board. "

Right now it is overvalued by a huge margin and future is not certain yet. Would you wish to gamble on the Speculative news? If I were you I will not get into BLUE at this stage taking this gamble . This is only my opinion

4Indian investor eyeing BLUE? Empty Re: Indian investor eyeing BLUE? Sun May 22, 2011 4:30 pm

FXX

FXX
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Thanks slstock, Rep from me

5Indian investor eyeing BLUE? Empty Re: Indian investor eyeing BLUE? Sun May 22, 2011 5:12 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

slstock wrote:
FXX wrote:is it worthy to buy BLUE for 4.10 ?

BLUE went up apparently due to this speculation. Looking at their financial BLUE is not worth the current price on fundamentals. Now if there is a buy over which is at the current price or above then there can be price upside purely on the news. ( not on fundamantals)
But the buy over is a gamble as the chairman is saying th below .

"When inquired from Blue Diamonds Chairman and Managing Director Bandula Ranaweera about the veracity of the speculation, he however denied divulging any details but added that although there had been several occasions in the market earlier which outlined several new investors eyeing their company, they never became a reality."



. Article also state "the company’s recent annual report for the year ended t 31 March 31, 2010, shareholders were informed that even the largest buyer of Blue Diamonds Jewellery who covers most of the Middle East region experienced major difficulties in their business with the United Arab Emirates stock exchange authorities having to re-shuffle the entire board of directors of Damas LLC, Dubai and appoint new member for the board. "

Right now it is overvalued by a huge margin and future is not certain yet. Would you wish to gamble on the Speculative news? If I were you I will not get into BLUE at this stage taking this gamble . This is only my opinion


I see that I have annoyed a Blue Fan who gave me - rep because I mentioned some facts about Blue from the article and financial report. BTW, I was addressing FXX question.

If you like BLUE and do not agree with what I said why don;t you post why you do not agree to prove me wrong without giving negative reps for unmentioned reasons?

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