Volatile trading in textile stocks

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Our Bureau

Mumbai, May 12

SHARE prices of textile companies were volatile today primarily on market talk that Chinese yuan would be revalued. Some of the textile stocks flared up during the day on yuan revaluation talk. However, with clarifications that the Chinese Government would not pursue this course of action, textile stocks lost some of their early gains.

Bombay Dyeing after touching a high of Rs 354 slipped to Rs 327.50, before closing for the day at Rs 330. Raymond also closed marginally lower at Rs 335.55, down from its previous close of Rs 336.95. Its high was Rs 344.50 and low was Rs 333.10.

While the stocks of the large companies barely experienced a ripple, some such as Hindoostan Spinning and Weaving Mills and Mafatlal Industries saw increases of roughly 20 per cent in the prices of their stock listed on the Bombay Stock Exchange, while Ruby Mills saw an increase of about five per cent.

Hindoostan Spinning closed at Rs 42.50 (Rs 35.45), while the high was Rs 42.50 and low was Rs 38.25. Mafatlal Industries closed at Rs 36.95 (Rs 30.95) and registered a high of Rs 37.10 and low of Rs 33.25.

According to an analyst, this increase may have come about by the Supreme Court's decision on Wednesday to allow some of Mumbai's textile mill owners to continue with the development of their lands wherever they had received the necessary approvals.

He said that there were small number of such companies that had large tracts of real estate in Mumbai and their stocks may have elicited some interest for that reason.

(This article was published in the Business Line print edition dated May 13, 2005)
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