Moneycontrol
Apr 21, 2017 02:19 PM IST | Source: Moneycontrol.com

Dollar Industries locked at 5% upper circuit on debut; co to raise spindles capacity up to 1 lakh

Dollar Industries hit a 5 percent upper circuit at Rs 1379.70 after it settled at Rs 1,314 in pre-opening session

Moneycontrol News

Hosiery & garments manufacturer Dollar Industries share price started off the day one with 5 percent rally on the National Stock Exchange Friday.

The stock hit a 5 percent upper circuit at Rs 1379.70 after it settled at Rs 1,314 in pre-opening session, amid high volumes. It traded with volumes of 21,574 equity shares at 10:18 hours IST.

The exchange has fixed upper price band for the stock at Rs 1,379.70 and lower price band at Rs 1,248.30, which is five percent up & down from its pre-opening price.

Meanwhile, Dollar Industries, in a board meeting on April 18, has appointed Rakesh Biyani and Sunil Mitra as independent directors of the company for a period of five years while Shashi Agarwal is appointed as chief financial officer & key managerial personnel.

"We have constantly been changing product profile to cater to customer needs and we have a market share of 15 percent in the branded segment," Vinod Gupta, MD said in an interview to CNBC-TV18.

The company has capacity of 22,000 spindles currently, which can go up to 1 lakh spindles going ahead, he said, adding it has maximum advertising spends in the industry currently.

He added that good & services tax will transform revenue efficiency and will drive growth.

The stock was earlier listed on Calcutta stock exchange but hasn’t been traded for the past 14 years.

Company manufactures and sells hosiery and garments under brands like Big Boss (vests and briefs), Club, Myme, Force go-wear, Force denims, Missy, Ultra thermals, Champions kids, Gap free etc. Its manufacturing facilities are located at Kolkata, Tirupur, Dindigul, Erode, Delhi and Ludhiana.

In the quarter ended December 2016, Dollar Industries had reported profit at Rs 6.06 crore against Rs 3.82 crore in year-ago quarter while revenue fell to Rs 166.21 crore from Rs 196.23 crore year-on-year.

At 10:11 hrs Dollar Industries was quoting at Rs 1,379.70, up Rs 1,369.70, or 13,697.00 percent.

Posted by Sunil Shankar Matkar

Sections
Follow us on
Available On