Fairfield on a see-saw ride

Fairfield Atlas is on a see-saw ride today. The stock hit a new 52-week in the early morning session at Rs.208, close to its upper circuit limit of Rs.210.20. but now it has slipped into the red at Rs.199.75.

The stock is buzzing today after the company announced that it is planning to delist its shares. Promoters stake currently stands at 83.91%. The market was happy with the delisting plan but disappointed with the indicative floor price of Rs.135.82/share, much lower than the current market price.

The financial performance has also not been too encouraging. For Q4Fy13, net profit declined 28% at Rs.8 crore on a 13% fall in net sales at Rs.60 crore. And for FY13, net profit came in at Rs.29 crore, down 8% and its topline was also on the decline, down 9% at Rs.225 crore.