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Swadeshi Polytex Ltd.

BSE: 503816 Sector: Industrials
NSE: N.A. ISIN Code: INE243N01011
BSE LIVE 13:28 | 13 Oct 10.00 0.28
(2.88%)
OPEN

10.00

HIGH

10.00

LOW

10.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 10.00
PREVIOUS CLOSE 9.72
VOLUME 25
52-Week high 21.45
52-Week low 9.72
P/E 3.88
Mkt Cap.(Rs cr) 4
Buy Price 10.00
Buy Qty 75.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.00
CLOSE 9.72
VOLUME 25
52-Week high 21.45
52-Week low 9.72
P/E 3.88
Mkt Cap.(Rs cr) 4
Buy Price 10.00
Buy Qty 75.00
Sell Price 0.00
Sell Qty 0.00

Swadeshi Polytex Ltd. (SWADESHIPOLYTEX) - Company History

Incorporated in Mar.'70, Swadeshi Polytex (SPL) was promoted by the Swadeshi Cotton Mills Company. It entered into a collaboration with Clickers Zimmer, Frankfurt, Germany, for the purchase of machinery and supply of technical know-how. The company manufactures polyester staple fibre. R Ramkrishna in the present chairman of the company. The company has been stagnating since its inception. No expansion or diversification plans were implemented although a letter of intent was obtained in 1981 to raise the capacity from 6100 tpa to 12,200 tpa. When Rajaram Jaipuria acquired the control of the company in 1986, he decided to increase the capacity to the minimum economic viable size of 30,000 tpa, but actually it was increased first to 10,000 tpa in 1987-88 and then to 14,000 tpa by end of Mar.'89. SPL is managed by the National Textile Corporation (NTC) which holds the largest stake in the company (33%). In Feb.'87, it staked its claim to the single largest block holding in the equity of SPL, following the nationalsation of Swadeshi Cotton Mills. The Calcutta-based Swarup group, with a 24% share, is the second-largest shareholder in the company. For the second consecutive year during 1999-2000, there has been no operation and production in the company and the same stands suspended. Since the erosion of the networth of the company has been more than 50% of the peak networth, the company has filed Form `C' with BIFR, pursuant to provisions of SICA.