Sri Lakshmi Saraswathi Textiles to expand capacity

Sri Lakshmi Saraswathi Textiles Arni Ltd has announced that the Company will be implementing a Modernization & Expansion Scheme at an estimated cost of Rs 25 crores. This will result in increase in installed capacity of the Company from 53,472 ring spindles and 336 rotors to 65,568 ring spindles and 336 rotors.

The cost will be financed by a Term Loan of Rs 20 crores under TUFS and the balance will be met from internal accruals. Required Term Loan has already been tied up with the banks. The scheme is expected to be completed during last quarter of 2007-08.

The stock was trading at Rs.33, down by Rs.0.15 or 0.45%. The stock hit an intraday high of Rs.34.50 and low of Rs.32.90. The total traded quantity was 261 compared to 2 week average of 247.

Source : Equity Bulls

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