Financial Daily from THE HINDU group of publications
Saturday, Aug 06, 2005
Financial Daily from THE HINDU group of publications Saturday, Aug 06, 2005 |
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Markets
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Stock Markets Crew BOS rises 20% on Q1 results Our Bureau
Mumbai , Aug. 5 CREW BOS, an exporter of fashion accessories and home decoration, rose 20 per cent on Friday after the company reported good financial results for the first quarter. The company's decision to enter the domestic retail market under its own brand also attracted the buying interest of traders. Its product profile ranges from belts, bags, business cases, footwear, wallets, boxes, furniture and home furnishings. The stock was locked in 20 per cent upper circuit to close at Rs 145.60 on the BSE, with volumes of 26.03 lakh shares. Of the traded shares, only 12.59 per cent was presented for delivery. On the NSE, the stock closed at Rs 145.30, a gain of 20 per cent, with 39.19 lakh shares being traded. Of the traded shares, 14.58 per cent was up for delivery. Brokers said good financial results by the company for June quarter attracted interest of the market players. The company's net profit rose 276 per cent to Rs 3.31 crore for June quarter compared to Rs 88.02 lakh in the corresponding period last year. The company's GDR priced at Rs 120 per share is also seen as positive. Crew BOS raised $5 million through the issue of 18,18,200 global depository receipts, with each GDR representing one underlying equity share and the issue got listed at the Luxembourg Stock Exchange. According to analysts, the company's clients list such as Tesco, Armani Exchange, GAP, Espirit and others, is likely to lead to further growth in the next few quarters. "Growth in the next few quarters looks sustainable," said an analyst with a domestic broking firm. He said the company is planning to enter the domestic market with its own brands. "If the company's products under its own brands clicks, then the stock can get a higher price-earning multiple." He added that the company operates in a niche segment and has good growth potential.
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