The Hindu Business Line : Sintex Ind witnesses hectic activity

As a result, the stock price dipped to Rs 116.40 from the previous closing of Rs 127.60, but the trading volume more than doubled to 1.14 lakh shares from 55,284 shares on the Bombay Stock Exchange. On the National Stock Exchange, 2 lakh shares were traded.

According to dealers, a section of investors pinned their hopes on the unconfirmed news that the company is in the process of clinching textiles ready-mades supply deals from Pierre Cardin and WallMart. "Of course there were buyers today in the counter; more than last two trading sessions. However, sellers outnumbered buyers forcing the stock to close lower," said a BSE broker.

In the last five trading sessions, the stock has slipped from Rs 144.70. The counter's 52-week high is Rs 156.

The textiles and roto-moulded water storage tanks manufacturer reported a 73 per cent growth in bottomline in Q2 ended September 31, 2003. In 2002-03, the textiles accounted for 27 per cent of the turnover.

Foreign funds, including US-based GMO Emerging Market and Batterymarch Financial Management, had picked up around 25 per cent stake in Sintex during the third quarter of this fiscal from Mauritius firm Indocean Ventures.

According to Mr Ketan Thacker of Anagram Stockbroking, at today's closing price, the stock traded at 6.4 times its trailing four quarter earnings per share of Rs 18.

More Stories on : Stock Markets | Plastics

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
SEBI rejects ING Mutual loyalty bonus plan

Templeton assets under management cross Rs 16,000 cr

Bear onslaught

Sensex plunges 164 in bearish market

Padmini Polymers: CBI digs out shady deals

Sintex Ind witnesses hectic activity

Suprajit Engg to focus more on exports

Bitter battle on the floor

Tata Motors: Outlook negative, buy January 450 puts

Markets tank; Reliance, SBI inflict damage