Vardhman Textiles gains as PE fund hikes stake

Vardhman Textiles advanced 3.69% to Rs 341.60 at 11:03 IST on BSE after a private equity fund hiked its stake in the company on Tuesday, 11 March 2014.

Meanwhile, the S&P BSE Sensex was up 91.69 points or 0.42% at 21,918.11

On BSE, so far 1,827 shares were traded in the counter as against average daily volume of 17,191 shares in the past one quarter.

The stock hit a high of Rs 343.75 and a low of Rs 330 so far during the day. The stock had hit a 52-week high of Rs 410.25 on 22 November 2013. The stock had hit a 52-week low of Rs 241 on 27 May 2013.

The stock had underperformed the market over the past one month till 11 March 2013, falling 8.84% compared with the Sensex's 7.18% rise. The scrip also underperformed the market in past one quarter, sliding 14.48% as against Sensex's 3.09% rise.

The company has equity capital of Rs 63.65 crore. Face value per share is Rs 10.

Baring India Private Equity Fund III Listed Investments bought 7.62 lakh shares or 1.19% stake in Vardhman Textiles at Rs 327.92 per share in a bulk deal on NSE on Tuesday, 11 March 2014.

Prior to the latest acquisition, Baring India Private Equity Fund III Listed Investments already owned 1.95% stake in Vardhman Textiles (as per shareholding pattern as on 31 December 2013).

Vardhman Textiles reported 109.6% rise in net profit to Rs 175.24 crore on 30.7% growth in net sales to Rs 1415.98 crore in Q3 December 2013 over Q3 December 2012.

Vardhman Textiles is an integrated textile manufacturer, engaged across the textile value chain, in manufacturing yarn, greige and processed fabric, sewing thread and acrylic fibre.

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