Indus Fila acquires 51% stake in Indus Garments

Indus Fila Ltd has announced that on July 05, 2007, the Company has acquired a 51% stake in Indus Garments (India) Pvt Ltd for a consideration of Rs 93.50 million.

Indus Garments is an established player in the apparel manufacturing business with 96.60% of its products being exported to American and European customers. The group has been in the business for over two decades having strong relationships with their customer base. The turnover of the Company for the FY07 was Rs 899 million with a PAT of Rs 46.36 million. The installed capacity of the Company is 3.60 million garments per annum.

The stock was trading at Rs.223, up by Rs.12.55 or 5.96%. The stock hit an intraday high of Rs.237 and low of Rs.211. The total traded quantity was 1648972 compared to 2 week average of 442957.

Source : Equity Bulls

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