The Hindu Business Line : Land sale buzz boosts Nirlon

Despite market mayhem in the past few sessions, loss-making Nirlon Ltd remains active because of Street rumours that its 31-acre plus land in Goregaon may be sold soon. The counter recorded a volume of 2.94 lakh shares. Though it lost five per cent at Rs 30.60 on Thursday and 10.53 per cent in the last one week, its gain (53.77 per cent) in the last one month is almost intact. On May 10, it had created its 52-week high at Rs 37.65.

The company's nylon tyre-cord yarn/fabrics unit at Goregaon, Mumbai, was closed in June 2004 and workers were paid off under a VRS. It also repaid secured creditors as per the BIFR scheme. According to market sources, the land sale move is part of the revival exercise undertaken by the company. It has extended the financial year 2005-06 from March 31 to June 30.

Jayanta Mallick

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