George Soro's Quantum Fund eyes Gujarat Ambuja Exports

Mumbai, Dec 4 (UNI) Billionaire stock investor, George Soro's Quantum Fund has picked up 5.8 per cent stakes in Ahmedabad-based agro-processing industrial unit, Gujarat Ambuja Exports (GAEL).

GAEL Chairman and Managing Director Vijay Gupta stated, ''Analysts from Quantum did an extensive study of our businesses.

They must have found good value in our Company.'' The move pushed the price of GAEL scripts from Rs 34 to Rs 73 on November 30. The Company's strong PE ratio of 14 per cent, high promoter holding of 63.15 per cent and high cash earnings per share of Rs 5.16 for previous fiscal year has also attracted other investment institutions like Reliance Mutual Fund which had earlier picked up a stake of 3.9 per cent, a release stated here today.

High prices commanded by many commodities in the global markets, have increased GAEL's profit margins from the range of 2-3 per cent to 8 per cent, with the sales anticipated to touch Rs 2,000 crore in the current fiscal year.

The Company has plans to set up 40 E- Mandis of its own in Maharashtra, Madhya Pradesh and Rajasthan to cater to its supply and demand needs from the rural markets, the release added.

UNI