Donear Inds' rally halts on profit booking

Donear Industries was down 0.98% to Rs 85.80 at 9:38 IST on BSE, with the stock sliding on profit booking after recent stellar rally.

Meanwhile, the S&P BSE Sensex was down 74.87 points or 0.22% at 33,649.57.

On the BSE, 30,000 shares were traded on the counter so far as against the average daily volumes of 51,318 shares in the past one quarter. The stock had hit a high of Rs 87.75 and a low of Rs 85 so far during the day. The stock had hit a 52-week high of Rs 89.65 yesterday, 27 November 2017 and a 52-week low of Rs 51.10 on 27 December 2016.

Shares of Donear Industries had rallied 41.47% in the preceding six trading sessions to settle at Rs 86.65 yesterday, 27 November 2017, from its closing of Rs 61.25 on 17 November 2017.

In a clarification to the stock exchanges on 21 November 2017 with regard to media news item titled "Donear promoters buy OCM Mills", the company stated that it has not acquired OCM Woolen Mills, and thus OCM Woolen Mills does not become a part of the Donear Group. The promoters of Donear Industries, through a limited liability partnership have made the acquisition of OCM Woolen Mills. Donear Industries is not under an obligation to disclose the acquisition of OCM Woolen Mills by the promoters and this is the reason no information with respect to the acquisition has been provided to the exchanges by Donear Industries, it added.

Donear Industries' net profit fell 67.1% to Rs 0.47 crore on 6.1% decline in net sales to Rs 116.98 crore in Q1 June 2017 over Q1 June 2016.

Donear Industries has presence in the textile industry and is reputed and fastest growing fashion fabric brand creating a wide variety of exotic; suitings, trouser & shirting fabrics.

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