Weakness persists
The market remained weak in mid-afternoon trade. The Congress hurtling towards defeat in the state polls, and weakness in Asian markets weighed on the sentiment. The incumbent Congress party is set to lose power in Punjab and Uttarakhand. The counting for assembly elections in the three states, including Manipur, began early today.
Results of Punjab and Uttarakhand elections are seen as a barometer of voters' concerns about inflation and economic reforms. However, the results will in anyway not jeopardise the Congress-led UPA Government at the Centre. The finance minister today also presented the annual economic survey to the Parliament on Tuesday.
At 14:41 IST the Sensex was down 167 points, at 13,482. It had recovered from a lower level after plunging as much as 215.12 points, to 13,434.40 by 14:30 IST.
Bombay Rayon Fashions firms up on British buy
Bombay Rayon Fashions gained 1.10% to Rs 189.50, on acquiring UK's DPJ Clothing for a consideration of £ 1.54 million.
With this acquisition, DPJ Clothing has become a foreign subsidiary of Bombay Rayon Fashions(BRFL). The acquisition, through the purchase of 420 ordinary shares (70% of total capital) in DPJ Clothing, was approved by the board of directors of BRFL in a meeting held on 22 February 2007.
DPJ Clothing is in the business of wholesale marketing and distribution of clothing products, and has been incorporated under English Companies Act 1985, with the place of business and registered office at Birmingham.
Bombay Rayon will be able to expand its customer base for its designer garments into the European region with this acquisition, BRFL Managing Director, Prashant Agrawal, informed in a statement to the bourses. The takeover also helps the company make headway for outsourcing and distributing related products in Europe, Agarwal informs further.
BRFL is a multi divisional textile company manufacturing fabrics and garments. The company exports garments, while supplying fabrics to the domestic garment exporters. The company’s 140 weaving machines are spread at three locations -- village Sonale in Thane district, Navi Mumbai and Silvassa -- producing approximately 10.9 million meters of fabric per annum. Two other facilities in Bangalore produce around 6,000 garments per day.
For Q3 December 2006, BRFL reported 145.30% spurt in net profit to Rs 13.76 crore compared to Rs 5.61 crore in Q3 December 2005. Net sales for the quarter jumped 139.60% to Rs 131.62 crore (Rs 54.93 crore).
The latest equity share capital of BRFL is Rs 63 crore, of which promoters hold 55%.
Hindoostan Spinning and Weaving Mills spurts on being declared fit
Hindoostan Spinning and Weaving Mills jumped 5% to Rs 48.65, after being declared fit by the Board for Industrial and Financial Reconstruction.The board (BIFR) has discharged the company from the purview of SICA / BIFR with immediate effect.
The Hindoostan Spinning stock trades in the trade-to-trade group, also popularly called ‘T’ group. The scrip posted volumes of 4,383 shares on BSE, with pending buy orders of 19,745 shares at the maximum limit on BSE.
The stock plunged sharply in the past few weeks under heavy selling. From Rs 64.65 on 7 February 2007, Hindoostan Spinning and Weaving dived to Rs 44.45 by 23 February 2007. Here, it found support and started moving higher, to reach Rs 46.35 by 26 February 2007.
Hindoostan Spinning and Weaving Mills posted a net loss of Rs 0.27 crore for Q1 December 2006 compared to a net loss of Rs 0.13 crore for Q1 December 2005. Net sales for Q1 December 2006 slipped 19.80% to Rs 12.02 crore (Rs 14.98 crore).
Hindoostan Spinning and Weaving Mills is a textile manufacturer.
In July 2006, ICICI Bank sold the Mahalakshmi (Mumbai) property of Hindoostan Spinning & Weaving Mills to an entity controlled by the Mukesh Dhirubhai Ambani Group for an undisclosed amount. The proceeds, along with some other divestments made by the private bank, will reflect in its first and second quarter results.
The deal also reflects ICICI Bank's efforts to cash in on the realty boom, which it feels may not last long.
Results of Punjab and Uttarakhand elections are seen as a barometer of voters' concerns about inflation and economic reforms. However, the results will in anyway not jeopardise the Congress-led UPA Government at the Centre. The finance minister today also presented the annual economic survey to the Parliament on Tuesday.
At 14:41 IST the Sensex was down 167 points, at 13,482. It had recovered from a lower level after plunging as much as 215.12 points, to 13,434.40 by 14:30 IST.
Bombay Rayon Fashions firms up on British buy
Bombay Rayon Fashions gained 1.10% to Rs 189.50, on acquiring UK's DPJ Clothing for a consideration of £ 1.54 million.
With this acquisition, DPJ Clothing has become a foreign subsidiary of Bombay Rayon Fashions(BRFL). The acquisition, through the purchase of 420 ordinary shares (70% of total capital) in DPJ Clothing, was approved by the board of directors of BRFL in a meeting held on 22 February 2007.
DPJ Clothing is in the business of wholesale marketing and distribution of clothing products, and has been incorporated under English Companies Act 1985, with the place of business and registered office at Birmingham.
Bombay Rayon will be able to expand its customer base for its designer garments into the European region with this acquisition, BRFL Managing Director, Prashant Agrawal, informed in a statement to the bourses. The takeover also helps the company make headway for outsourcing and distributing related products in Europe, Agarwal informs further.
BRFL is a multi divisional textile company manufacturing fabrics and garments. The company exports garments, while supplying fabrics to the domestic garment exporters. The company’s 140 weaving machines are spread at three locations -- village Sonale in Thane district, Navi Mumbai and Silvassa -- producing approximately 10.9 million meters of fabric per annum. Two other facilities in Bangalore produce around 6,000 garments per day.
For Q3 December 2006, BRFL reported 145.30% spurt in net profit to Rs 13.76 crore compared to Rs 5.61 crore in Q3 December 2005. Net sales for the quarter jumped 139.60% to Rs 131.62 crore (Rs 54.93 crore).
The latest equity share capital of BRFL is Rs 63 crore, of which promoters hold 55%.
Hindoostan Spinning and Weaving Mills spurts on being declared fit
Hindoostan Spinning and Weaving Mills jumped 5% to Rs 48.65, after being declared fit by the Board for Industrial and Financial Reconstruction.The board (BIFR) has discharged the company from the purview of SICA / BIFR with immediate effect.
The Hindoostan Spinning stock trades in the trade-to-trade group, also popularly called ‘T’ group. The scrip posted volumes of 4,383 shares on BSE, with pending buy orders of 19,745 shares at the maximum limit on BSE.
The stock plunged sharply in the past few weeks under heavy selling. From Rs 64.65 on 7 February 2007, Hindoostan Spinning and Weaving dived to Rs 44.45 by 23 February 2007. Here, it found support and started moving higher, to reach Rs 46.35 by 26 February 2007.
Hindoostan Spinning and Weaving Mills posted a net loss of Rs 0.27 crore for Q1 December 2006 compared to a net loss of Rs 0.13 crore for Q1 December 2005. Net sales for Q1 December 2006 slipped 19.80% to Rs 12.02 crore (Rs 14.98 crore).
Hindoostan Spinning and Weaving Mills is a textile manufacturer.
In July 2006, ICICI Bank sold the Mahalakshmi (Mumbai) property of Hindoostan Spinning & Weaving Mills to an entity controlled by the Mukesh Dhirubhai Ambani Group for an undisclosed amount. The proceeds, along with some other divestments made by the private bank, will reflect in its first and second quarter results.
The deal also reflects ICICI Bank's efforts to cash in on the realty boom, which it feels may not last long.
posted by SY at 3:56 PM
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