Corporate News

Gemini Communication spurts

The company made this announcement during trading hours today, 26 December 2007.

Meanwhile, BSE Sensex was up 199.55 points or 1.01% to 20,053.67.

On BSE 2.23 lakh shares were traded in the counter. The stock had an average daily volume of 1.74 lakh shares in the past one quarter.

The stock hit a high of Rs 240 and a low of Rs 207.45 so far during the day. The stock hit a 52-week high of Rs 274.95 on 13 September 2007 and a 52-week low of Rs 163.78 on 17 May 2007.

The small-cap scrip had underperformed the market over the past one month till 24 December 2007, gaining 1.97% as compared to the Sensex’s return of 5.31%. It had also underperformed the market in the past one quarter, declining 5.78% as compared to the Sensex’s rise of 17.48%.

The company’s current equity is Rs 9.67. Face value per share is Rs 5.

The current price of Rs 238.45 discounts Q2 September 2007 annualized EPS of Rs 14.42 PE multiple of 16.54.

Midas Communication Technologies (Midas) bid the enhanced digital wireless access system (EDWAS) tender from BSNL for planning, design, supply, installation & commissioning of broadband internet access based on digital enhanced cordless telecommunications (DECT) technology.

The project will be executed in phases, with the 1st phase of the order to the tune of Rs 50 crore to be implemented in Tamil Nadu.Midas has outsourced the implementation of EDWAS project on a turnkey basis to Gemini Communication (GCL).

According to a memorandum of understanding (MoU), the technology developed by Midas has to be implemented and deployed by Gemini within 150 days.

GCL’s net profit rose 219.7% to Rs 6.97 crore on 52.3% growth in net sales to Rs 49.33 crore in Q2 September 2007 over Q2 September 2007.

GCL is a service provider and a carrier for high-speed broadband access networks