Bombay Dyeing spurts after clarification

Bombay Dyeing & Manufacturing Company jumped 6.94% to Rs 70.90 at 13:55 IST on BSE after the company denied a media report of Bombay High Court ordering the firm to hand over Wadala land to BMC and Mhada.

Bombay Dyeing & Manufacturing Company (Bombay Dyeing) issued the clarification during trading horus today, 20 November 2013.

Meanwhile, the BSE Sensex was down 27.58 points, or 0.13%, to 20,863.24.

On BSE, 7.07 lakh shares were traded in the counter compared with average volume of 2.27 lakh shares in the past one quarter.

The stock hit a high of Rs 72.40 and a low of Rs 67.50 so far during the day. The stock hit a 52-week high of Rs 139.85 on 1 January 2013. The stock hit a 52-week low of Rs 37.25 on 7 August 2013.

The stock had outperformed the market over the past one month till 19 November 2013, rising 7.37% compared with the Sensex's marginal rise of 0.04%. The scrip had also outperformed the market in past one quarter, rising 43.97% as against Sensex's 14.11% rise.

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

A media report today, 20 November 2013, suggested that in a bid to end the stalemate over development of Bombay Dyeing's mill properties at Wadala and Lower Parel, the Bombay High Court, in an interim order on Tuesday, 19 November 2013, asked the textile major to hand over around 66,651 square metres of land to the BMC and Mhada.

Bombay Dyeing, however, clarified that no such interim order has been passed and the report is false and misleading. The Bombay High Court has posted the matter for orders today, 20 November 2013 at 15:00 IST. Hence, the news item is totally speculative and unsubstantiated, it said.

As and when the Bombay High Court passes any order in the matter, the firm will notify the exchanges about the same, the company said.

Bombay Dyeing & Manufacturing Company reported a net loss of Rs 62.19 crore in Q2 September 2013, higher than the net loss of Rs 27.74 crore in Q2 September 2012. Net sales rose 0.07% to Rs 494.55 crore in Q2 September 2013 over Q2 September 2012.

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

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