Arvind Mills spurts after new tie up

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Updated: 25/03/2008 | 12:00 AM IST

Manufacturing

Arvind Mills spurts after new tie-up

Capital Market

Tuesday, March 25, 2008 (New Delhi)

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The company made this announcement after trading hours on Monday, 24 March 2008.

Meanwhile, the BSE Sensex was up 427.17 points, or 2.79%, to 15,716.57 on easing credit worries following JPMorgan Chase and Co's improved offer to buy Bear Stearns

On BSE, 115 shares were traded in the counter. The scrip had an average daily volume of 17.61 lakh shares in the past one quarter.

The stock hit a high of Rs 36.90 and a low of Rs 36.05 so far during the day. The stock had a 52-week high of Rs 93.50 on 31 December 2007 and a 52-week low of Rs 34.25 on 24 March 2008.

The small-cap scrip had underperformed the market over the past one month till 24 March 2008, declining 27.79% compared to the Sensex’s fall of 11.87%. It had also underperformed the market in the past one quarter, declining 55.79% compared to Sensex’s decline of 22.99%.

The company’s current equity is Rs 209.38 crore. Face value per share is Rs 10.

The current price of Rs 36.90 discounts its Q3 December 2007 annualized EPS of Rs 1.08, by a PE multiple of 34.17.

As per the licensing agreement, Arvind Brands, the second largest branded apparel maker in the country, will have the exclusive rights to design, distribute and retail IZOD in India. The agreement covers a wide range of categories including sportshirts, T-shirts, casual trousers, shorts, swimwear, active wear and accessories. The partnership will also focus on creating IZOD flagship stores in India.

Arvind Mills’ net profit declined 94.6% to Rs 5.67 crore on 19.9% growth in net sales to Rs 536.84 crore in Q3 December 2007 over Q3 December 2006.

Arvind Mills is one of the leading textile manufacturers in the country. It owns various brands like Flying Machine, Newport and Ruf and Tuf jeans and Excalibur shirts. The company services the entire domestic market besides exporting to neighboring countries.