VIP Industries' stocks faced severe selling pressure throughout today’s trading session and finally closed with a 6.7% loss in its value after the company reported discouraging performance in March 2012 quarter thanks to loss of business from
VIP Industries has skidded 5% at Rs 88.45, extending its previous day’s over 4% fall after its consolidated net profit for the March quarter more than halved to Rs 7.80 crore due to higher operating expenditure.
VIP Industries has zoomed 11% to Rs 109 in noon deals, extending its Wednesday’s 5% rally, after a foreign institutional investor (FII) acquired almost 1% stake in the company through bulk deal on Wednesday.
VIP Industries has plunged 6% to Rs 846 after reporting 13% year-on-year (y-o-y) drop in net profit at Rs 10.90 crore for the quarter ended September 2011, compared with Rs 12.60 crore in the corresponding quarter of previous fiscal.
VIP Industries, India’s largest travel-wear maker, is likely to sell its stake in the BSE-listed machine manufacturer Windsor Machines Ltd, to Renaissance Equipment Pvt Ltd, along with other promoters.
The purchase of a two per cent stake in VIP Industries by global private equity (PE) firm Blackstone saw the stock jump nearly 20 per cent last week to over Rs 650. The stock has since then held on to these levels, as reports indicate that Blackstone