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Net profit rises 21% at Rs 18 cr in June quarter

Shashi Ashiwal

Mr Nusli N. Wadia (left), Chairman, Bombay Dyeing Ltd, and Mr Keshub Mahindra, Director, at the company’s AGM in Mumbai on Wednesday. —

Our Bureau

Mumbai, July 25 Bombay Dyeing and Manufacturing Company Ltd proposes to issue 19,30,000 warrants to promoters, on a preferential basis, the company said in a statement to Bombay Stock Exchange today. Each warrant will be converted into a share of the face value of Rs 10 each at a conversion price determined in accordance with the SEBI guidelines on preferential allotment of shares, the company said.

The promoterswill be entitled to exercise the conversion at any time and in more than one tranche within 18 months from the date of allotment.

The company said net profit rose 21 per cent at Rs 17.88 crore for the quarter ended June 30, 2007 compared with Rs 14.76 crore during the corresponding quarter of the previous year.

The turnover of the company increased by nearly five per cent to Rs 126.18 crore, while the total income rose by 7.45 per cent as against the turnover for the same period last year.

During the quarter, the company transferred Rs 7.6 crore from the revaluation reserve to the profit and loss account, which represented the partial value of from the sale of land.

The statement said the operations of the PSF plant have been temporarily suspended from third week of June 2007 for modifications and commissioning of PTA system.

The shares of the company closed at Rs 582.60 against the previous day’s close at Rs 598.55, down by 2.66 per cent.

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