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Market is expecting that Eastern Silk would report better performance in the first quarter to June 30, 2008, against that in quarter ended on March 31, 2008, which was particularly marred by forex derivatives loss write-off of Rs 5 crore and Rs 10 crore on account of price renegotiations by overseas buyers. According to market grapevine, Eastern Silk may report a profit of around Rs 3 crore.

However, the stock has been on a declining mode of late, in line with the overall market mood. Since its stock split a week ago (to Rs 2 from Rs 10), the counter has lost about 8 per cent. In view of better performance and steadily declining market price, Dalal Street trackers are expecting a buy-back offer from the company. Company officials, however, declined to make any comment.

In the April-to-June quarter, Morgan Stanley, which held 1.16 per cent, has exited the counter. Goldman Sachs has reduced its holding to 4.47 per cent during the first quarter from 5.84 per cent in the January-March quarter.

The quarterly results of the company are expected this month.

The stock finished at Rs 15.6 on the National stock Exchange with a marginal gain and a traded quantity of 52,265 shares.

Jayanta Mallick

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