Jagjanani Textiles closes with discount of 7.4%

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Jagjanani Textiles closes with discount of 7.4%

Jagjanani Textiles has ended at Rs 23.15, down 7.4%, with volumes of 1,44,75,399 shares on the BSE.

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It was bad day for new listings like Jagjanani Textiles , JTL, which opened with 10.4% discount to its issue price of Rs 25; touched an intraday low of Rs 20.20 and high of Rs 24.90. It could not able to crossed its issue price despite positive mood in the markets. Finally, it ended at Rs 23.15, down 7.4%, with volumes of 1,44,75,399 shares on the BSE.

In an interview with CNBC-TV18, S G Vyas, Managing Director, Jagjanani Textiles says that their FY08 turnover is seen at Rs 50-60 cr and the FY08 EPS is seen at Rs 7.

They are adding 12,000 spindles in the yarn business and 48 air jet looms for weaving are also being added.

Jagjanani Textiles' margins are at 28-30% for FY08 at gross levels, says Vyas.

The company had entered capital market with a public issue of 81,00,000 equity shares of Rs 10 each at a price of Rs 25 per equity share aggregating Rs 20.25 crore.

JTL is an existing profit making company promoted by Shri Gopal Vyas and Shri Shiv Kumar Singhal. It is engaged in the manufacture of cotton and blended yarn in counts Ne 3 to Ne 16 with installed capacity of 3600 MTA at RIICO Industrial Area at Bagru near Jaipur. Its products are sold in the domestic market and exported to Bahrain, Dubai, Egypt, Hongkong and Pakistan.