Lakshmi Automatic presents bleak picture

Lakshmi Automatic Loom Works has informed the bourses that due to the continuous import of both used and new shuttleless weaving machines, the market for the company’s "C" type shuttle weaving machines has been affected, except for sporadic enquires for weaving specialised fabrics. As a result, the company has suspended with immediate effect operations at its weaving machinery division in Hosur. The stock could react negatively to the development.