Chandni Textiles inches up on getting nod to set up velvet manufacturing plant at Gujarat

19 Dec 2012 Evaluate

Chandni Textiles is currently trading at Rs. 1.93, up by 0.02 points or 1.05% from its previous closing of Rs. 1.91 on the BSE.

The scrip opened at Rs. 1.99 and has touched a high and low of Rs. 1.99 and Rs. 1.92 respectively. So far 6, 02,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 2.58 on 09-Aug-2012 and a 52 week low of Rs. 1.28 on 30-Mar-2012.

Last one week high and low of the scrip stood at Rs. 2.16 and Rs. 1.91 respectively. The current market cap of the company is Rs. 31.00 crore.

The promoters holding in the company stood at 41.55% while Non-Institutions held 58.45% respectively.

Chandni Textiles Engineering Industries has received an approval to set up a velvet manufacturing plant in Ankleshwar at Gujarat. The board at its meeting held on December 19, 2012 has approved for the same looking at the steady and growing demand for velvet fabrics.

The board has also decided to look out for land with 10,000 square feet building either on outright or lease basis for the same. The board also approved the import of Looms which have been sourced and the shipment is likely to take place in the month of January 2013.

Further, the board has decided to setup warehouses in various cities like Pune, Nasik, Ahmadabad etc in order to expand in the business of sourcing used imported machinery and has decided to look out for warehouses admeasuring approximately 10, 000 square feet constructed area either on outright or lease basis in these cities for the same.

Chandni Textiles Engineering Industries is engaged in the manufacture of yarn and fabrics. The company has its manufacturing facilities at Daman in the Union Territory of Daman & Diu with installed capacities of 461,000 meters woven fabric and 405 MT chennile yarn.

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