Q4 numbers lift Bombay Dyeing

DALAL STREET SPIKES

Bombay Dyeing surged over 10 per cent on Wednesday after the company announced impressive fourth quarter results.

The stock, in intra-day deals, touched a high of Rs 161, before closing at Rs 158.65, up 10.37 per cent from its previous close. The counter witnessed a volume of 9,1367 shares on the BSE. With today's gain, the stock has now appreciated 16 per cent in the last two trading sessions.

Bombay Dyeing reported a net profit of Rs 24.84 crore for the fourth quarter ended March 2004 as compared with a net loss of Rs 1.10 crore in the corresponding period of the previous year. Its net sales surged 23.6 per cent to Rs 258.70 crore (Rs 209.19 crore).

Analysts tracking the sector said the counter has been witnessing good buying in anticipation of the company benefiting from the post-2005 quota regime.

It was the DMT division that led to the robust growth in profit in the March quarter. Bombay Dyeing derives revenues from two key segments "" textiles and DMT.