Bang Overseas, a provider of fashion fabrics and ready-to-wear requirements in apparel, textile and retail segment, has plunged nearly by 19% at Rs 168.55 in an intraday trade before closing the day at Rs 174.10, down by 15.89% or Rs 32.90 as against its issue price of Rs 207. The stock has managed to open on a positive note in morning trade at Rs 250 and touched a high of Rs 269.90 but selling pressure across the markets hammered the stock a lot during the day.
It traded with volumes of 1,38,77,098 shares and the turnover was at Rs 272 crore on the NSE.
In an exclusive interview with CNBC-TV18, Brijgopal Bang, MD, Bang Overseas said that they will do Rs 300 crore in sales with a PAT of Rs 30 crore in FY09. He added that they will increase their retail stores by 100. According to him, textile and garments accounts by 50% each to revenues and that in FY09, garments will contribute by 65%.
They also said that the per day production capacity is set to increase to 40,000 pieces by the end of the year. He added that their exports are mainly to European markets and that they are growing by 50-80%.
On the BSE, the stock has opened at Rs 207; touched a high/low of Rs 260 and Rs 166.50, respectively. It closed at Rs 171.80, with volumes of 1,66,44,840 shares.
It had entered capital market with a public issue of 35 lakh shares at a price band of Rs 200-207 per share. The issue got subscribed 1.24 times.
Source: Moneycontrol.com
Wednesday, February 20, 2008
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