Bombay Dyeing pares gain after clarification

Bombay Dyeing & Manufacturing Company was up 13.87% to Rs 60.75 at 12:16 IST on BSE, coming off the day's high after the company rubbished media report of a likely stake sale to three private equity companies.

The company made the clarification during trading hours today, 7 October 2013.

Meanwhile, the BSE Sensex was down 178.29 points, or 0.90%, to 19,737.66.

Volumes were high on the Bombay Dyeing counter. On BSE, 15.01 lakh shares were traded in the counter compared with average volume of 1.24 lakh shares in the past one quarter.

The stock surged 17.15% at the day's high of Rs 62.50 hit in early trade. The stock rose 7.03% at the day's low of Rs 57.10 hit in early afternoon trade.

The stock hit a 52-week low of Rs 37.25 on 7 August 2013. The stock hit a 52-week high of Rs 139.85 on 1 January 2013.

The stock had outperformed the market over the past one month till 4 October 2013, rising 18.82% compared with the Sensex's 7.26% rise. The scrip had, however, underperformed the market in past one quarter, falling 15.45% as against Sensex's 2.60% rise.

The small-cap company has an equity capital of Rs 41.30 crore. Face value per share is Rs 2.

Bombay Dyeing & Manufacturing Company clarified to BSE that it has no comments to offer on the newspaper report, which is totally baseless, speculative and unsubstantiated.

According to a media report, at least three global private equity firms are in talks to acquire up to 24% stake jointly in the company. The deal could be valued at over Rs 500 crore, the report said, adding that the exclusivity period of the due diligence is likely to end in next few days.

Bombay Dyeing & Manufacturing Company reported a net loss of Rs 27.57 crore in Q1 June 2013 as against net loss of Rs 27.50 crore in Q1 June 2012. Net sales rose 8.54% to Rs 516.37 crore in Q1 June 2013 over Q1 June 2012.

Bombay Dyeing & Manufacturing Company manufactures cotton textiles and non-woven fabrics.

Powered by Capital Market - Live News