Ambika Cotton spins to the top on fund buying

DALAL STREET SPIKES

Ambika Cotton went up by 10 per cent to hit the upper circuit today. The scrip moved up from Rs 308.35 in yesterday's trade to Rs 339.15 on Thursday, after witnessing heavy demand from both domestic mutual funds and FIIs in block deals executed at BSE.

The scrip had earlier moved up 108 per cent from a low of Rs 163.35 on March 29 to the current trading levels. Domestic mutual funds which executed bulk deals at the counter were Reliance Mutual Fund, HSBC, DSP Merrill Lynch Mutual Fund and a UK-based foreign fund.

The company which manufactures high quality cotton yarn has diversified into manufacturing compact spinning yarn. It exports directly to many countries across the globe, including China, Korea and Singapore.