Financial Daily from THE HINDU group of publications
Tuesday, Aug 23, 2005
Financial Daily from THE HINDU group of publications Tuesday, Aug 23, 2005 |
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Markets
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Stock Markets Expansion plans push up Sybly Industries Our Bureau
Kolkata , Aug. 22 SYBLY Industries has been witnessing increased traded volumes and making gains on the bourse. The stock on Monday registered 4.20 lakh shares on the BSE and closed with a gain of 2.1 per cent at Rs 21.90. The company has received clearance from SEBI for preferential allotment for 15.5 lakh shares as also 34.50 lakh warrants. Mr Mahesh Mittal, Managing Director of the company, told Business Line that of the equity allotment, a portion representing around 5 per cent is for the promoters and the rest to assortment of investors. The warrants are also going to the corporate investors. The allotment of equities and warrants price has been fixed at a price Rs 16.15. "This is to fund the first phase of the Rs 10-crore modernisation-cum-expansion plan of the company, which is slated to be complete by October 2005," Mr Mittal added. The funding for the Rs 15-crore second phase expansion is yet to be finalised. But Mr Mittal indicated that a mix of borrowing and equity issue was on the cards. In the first phase, new automated machines such as auto cone winders along with quality testing equipments have been imported from abroad and acquired through local purchases for the polyester and mercerised cotton yarn manufacturing company. According to analysts, the company has been seeing increased order flow following the MFA dismantling this year. According to the management sources, the margins have also been improving in the recent months. The order book position of the company is healthy, Mr Mittal confirmed to indicate higher revenue growth. The company is also planning to brand its products (yarns) to leverage better realization. According to market sources, the company has received an order worth Rs 15 crore last week.
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