Query: Thanks for your previous suggestions also please suggest short term target of Himatsingka Seide? I bought it @ Rs.110.50, shall I hold or exit? VikrantThebullishtrends: Himatsingka Seide share price closed yesterday at Rs.85.75(6.13%). Himatsingka Seide is specialises in textile design and manufacturing company. It engaged in manufacturing, distribution and retail of silk and silk blended yarn as well as yarn dyed decorative, bridal, and fashion fabrics.
Himatsingka Seide offers regular yarns comprising classical spun silks, and blends of silk with viscose and wool; and fancy yarns in spun with silk and various blends with silk. As of March 31, 2007, the company operated 11 showrooms in 10 cities across India, as well as 1 store in Dubai for providing luxury home furnishings under the brand name, ‘Atmosphere’. Himatsingka Seide distributes its products primarily in India, the United States, and Europe. The company was incorporated in 1985 and is based in Bangalore, India
RecentlyHimatsingka Seide Ltd allotted the 256,000 equity shares on conversion of warrants to entities belonging to the promoter group in the ratio of 1 equity share for 1 warrant converted. The warrants were converted into equity shares at a price of Rs 130 a share.Post this conversion, there are 5,288,000 warrants outstanding. The paid up capital of the company stands at Rs 489,725,800 comprising of 97,945,160 equity shares of Rs 5 each.
The stocks that look good for short-term dealings include S Kumars Nation, Shree Ram Urban and Eastern Silk. The textile sector has been performing well for last few days, and there are big hopes from all these stocks in the coming days.Based on the previous performance it looks that Himatsingka Seide will definitely will announce good earnings for the three months period ended on Dec 31, 2007. But do remember that Himatsingka Seide's operating profits and net profit were declined in last two quarters. Q 3 results only can reflect the share price of the company. Please review your decission once the Q 3 results announced by the company.
