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There has been a slow accumulation of the stock of Himatsingka Seide as talk of the company acquiring an overseas brand is doing the rounds. The stock has been trading actively with an average of over 10,000 shares being traded daily on the BSE and NSE. On Thursday, the stock closed lower by 0.68 per cent on the BSE and has declined about 8 per cent over the month, keeping in line with the general weakness in textile stocks due to the appreciating rupee.

On the NSE, the stock has recently turned active, closing 1.05 per cent up at Rs 110.85. However, the buzz in the market is that the stock is expected to pick up with talk of an acquisition of a European brand similar to the deal in March when the company picked up 70 per cent stake in Giuseppe Bellora of Italy. The company, admitted to be looking for acquisitions, mainly in the bed linen space in the US. However, it feels that the increased volumes are due to some MF squaring their positions and not news of a future acquisition.

Arushi Sen

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