Continuing their upward journey, select textile stocks again went up on Monday on the BSE on the back of news of expansion and bonus issue. | |
| Alps Industries led the pack of gainers with a jump of 5.51 per cent, followed by Grasim Industries with 4.8 per cent and Maxwell with 3.3 per cent gains. |
| |
| "The rise could be because of the company's expansion plans," said Sejal Doshi of Angel Broking on the day's move by Alps Industries. |
| |
| The company, whose shares closed at Rs 170 on the BSE, on Monday announced that it proposes to open a new spinning mill in Haridwar. |
| |
| The stock has put up a stunning 23.6 per cent rise in the last ten days after it announced an impressive 122 per cent jump in its December quarter results. |
| |
| The company also recently acquired Jaspur Spinning Mill from the Uttaranchal government and is known to be searching for a location to establish a new Rs 250 crore terry-towels plant in Punjab. |
| |
| Another stock, which was also up on expansion buzz on Monday, was Grasim that ended at an all-time high of Rs 1,649. The stock rose 4.8 per cent during the day fuelled by rumours that the company is planning to set up a Rs 700 crore greenfield rayon fibre plant in Andhra Pradesh. |
| |
| Grasim has been consistently moving up for the last two weeks during which it also hit its previous all-time high of Rs 1,574 on Friday. |
| |
| The AV Birla group, to which Grasim belongs, reported a rise of 12.8 per cent in cement sales, to 2.73 million tonne for January 2006. |
| |
| Another textile stock, Maxwell Industries, rose around 3.27 per cent to Rs 310.80, after it had declared a bonus issue in the ratio of 3:4. |
| |
|
| |
