SOURCE : THE ECONOMIC TIMES *Debt doesn't justify Leela valuation * As on March 31, 2009, the hospitality company bought back and cancelled 23.7% of the outstanding €51.40-million bonds amounting to €12.20 million. It also bought back and hence cancelled $33 million worth of bonds constituting a third of its total dollar-denominated bonds. The amount of bonds outstanding, after this repurchase, is €39.20 million and $66.6 million, respectively. At the end of FY09, the company had total debt outstanding of around Rs 2,500 crore on its books. The stock is currently trading 36 times its trailing earnings and nearly five times its book in FY09. This makes it one of the most expensive stocks in the sector.
-- Kind Regards, R. Elavarasan +919790929432 © BE careful in dealing with a man who cares nothing for sensual pleasures, nothing for comfort or praise or promotion, but is simply determined to do what he believes to be right. He is a dangerous and uncomfortable enemy, because his body, which you can always conquer , gives you so little purchase over his soul. Prof Gilbert Murray on MAHATMA GANDHI--
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