Indus Fila buys garment firm for Rs 93.5 mn

MUMBAI: Apparel maker and exporter, Indus Fila Thursday said it has acquired 51 per cent stake in Indus Garments for a consideration of Rs 9.35 crore.

At 1:08 PM, Indus Fila shares soared 6.68 per cent to Rs 223.60 on the BSE. They touched a high of Rs 237 and low of Rs 211. Around 878,856 shares have changed hands in the counter so far today.

Indus Garments exports almost 96.60 per cent of products to America and Europe. The company posted a net profit of Rs 4.6 crore on turnover of Rs 89.9 crore for 2006-07 (Apr-Mar). Installed capacity of the company is 36 lakh garments per year.